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.
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.
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.
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.