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The 228-unit student housing complex sold for about $277,960 per unit
The 228-unit student housing complex sold for about $277,960 per unit (Orange County Property Appraiser)

A company affiliated with Blackstone Group and its Revantage corporate services company just paid about $63.4 million for a student housing community near the University of Central Florida.

Investcorp, a private investment company headquartered in the Persian Gulf nation of Bahrain, sold the 228-unit rental complex for $277,960 per unit. The deal represents a 40% gain from its previous selling price in 2017, when Investcorp paid $45.3 million and immediately after rebranding the community to Mercury 3100.

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Located at 3100 Alafaya Club Drive, the complex sits on about 40 acres just north of Lokanotosa Trail and west of North Alafaya Trail. The 20 buildings on the campus, built in 1999, are either three or four bedrooms. The community includes a 24-hour fitness center, swimming pool and full court basketball court.

Greystar is the property manager.

Investcorp’s specializes in acquiring midmarket investment opportunities throughout the United States, with a focus on properties that generate cash flow and have potential for capital appreciation, according to its website.

Apartment communities next to college campuses in Orange County have been collecting big sale prices over the past couple of years.

In October, Rance King Properties, paid $66 million for the 296-unit Coda Apartments near the University of Central Florida. The apartment community was built in 2019 by developer and seller Catalyst Development Partners. And Horizon Realty Advisors paid $65 million to purchase of the Glenn apartments by UCF that same year.

Last year, West Palm Beach-based Priderock Capital Partners paid $63.25 million for a 356-unit apartment nearby. The project sits about five minutes north of Valencia College East Campus along North Econlockhatchee Trail.

Blackstone has been one of the most active buyers in Orlando’s multifamily space in recent years. In December, the private equity firm, paid $152.3 million for two multifamily properties in Orange County, totaling more than 700 units, as part of a multistate portfolio acquisition.

Other recent acquisitions include the 338-unit Integra Cove apartments near SeaWorld, the 396-unit Knightsbridge at Stoneybrook apartments in east Orange County, a 105-bed senior living facility in Ocoee, the 55 West mixed-use tower in Downtown Orlando and the 432-unit Estates at Park Avenue in MetroWest.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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