Multi-Family Residential Developments

Orlando and Kissimmee apartment complexes sell for nearly $150M

Orlando’s multifamily investment sales continued at a blistering pace this quarter with the sale of three properties in Kissimmee and Orlando for a combined $149.3 million.

In late October, Beverly Hills-based Cores Management paid $63.5 million for Linden on the Greeneway, a garden-style, 234-unit apartment community located at 13000 Breaking Dawn Drive in Orlando’s Lake Nona submarket. The deal breaks down to just over $271,000 per unit.


Avison Young Capital Markets Principals Peter Sherman and Jay Maddox and Senior Vice President Rosendo Caveiro brokered the sale and assisted in arranging financing on behalf of the buyer in the form of a $54.3 million loan from Acres Realty Funding.

“Orlando continues to be one of the nation’s top rental markets and is experiencing strong post-pandemic job and population growth which was attractive to our client,” said Caveiro.


Built in 2017 and situated on 11.73 acres, the property was 96% occupied at the close of escrow. It features a resort-style swimming pool, two-story clubhouse with fitness center and modern resident lounge, large pet park, and outdoor covered seating with fireplace. The spacious unit interiors which include studios to three-bedroom units offer nine-foot ceilings, full-size washers/dryers, private patios/balconies, and high-end finishes.

“We are excited to add this high-quality asset to our portfolio, enabling us to participate both in the ‘bounce back’ in rents due to Covid, as well as future upside by making modest capital improvements,” said Hart Cohen, President of Cores Management.

IPA represented seller, Norfolk, Virginia-based Harbor Group Management. IPA’s team, led by Shelton Granade, has closed 27 multifamily sales so far this year.

Meanwhile in Kissimmee, Venterra Realty paid $43.3 million this week for the Cane Island Apartments, which comprises 168 units of the 260-unit community. The seller was Los Angeles-based CGI Strategies, which had acquired the asset in late 2017 for $25.25 million. Located on Kissimmee’s W192 tourism corridor, the Cane Island complex was originally built in 2007 as condominiums by D.R. Horton, but the developer ended up keeping 166 units as rentals.

The condos and apartments share amenities and common space. The community features sizable apartments with an average unit size of 1,316 square feet, and an extensive amenity package that includes a resort-style heated swimming pool and spa, a fully equipped workout area, elegant clubhouse with billiards, video game room, clubroom and bar area with flat-screen TVs.

“Cane Island is a valuable investment to be added to the growing Venterra portfolio in the top-performing market of Orlando. We are confident that the property will benefit substantially from our unit upgrade program and we look forward to making Cane Island an even more desirable place to live,” said Venterra Realty Chairman, Andrew Stewart.

Newmark’s Capital Markets team, led by Scott Ramey, brokered the sale. Keybank National provided $35.775 million in financing to the buyer.

“In general, we’re seeing a ton of demand in the Kissimmee area for apartments of any profile,” Ramey said. “Osceola has been the fastest growing county in the state the past decade and with that population growth, there has been a significant influx in jobs, which is creating an extremely tight rental market that is attracting new owners to any opportunity that comes available.”


Another Kissismmee multifamily community, Laguna Place apartments, also sold this month for $42.5 million. Surfside investor Ighal Goldfarb purchased the 216-unit community just off Dyer Boulevard that was built in 1991. Greystone Servicing provided $34 million in financing to the buyer.

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