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Notable multifamily investment sales total $275M throughout Central Florida

After an extensive renovation, Astoria at Celebration sold for $74.5 million.
After an extensive renovation, Astoria at Celebration sold for $74.5 million. (Handout)

Notable multifamily sales recently took place in Celebration, Winter Park and Dr. Phillips. When added together investment sales totaled $275 million.

The largest sales price among the three was for the 394-unit Hanover Dr. Phillips multifamily community at 6500 Sand Lake Sound Road. A deed recorded in Orange County earlier this week shows the apartment complex sold for $115 million, meaning the all-cash deal breaks down to about $292,000 per unit.

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Insight on the Houston-based multifamily developer's background in Central Florida, and how its project fits into the greater context of 85 developable acres.

NP DR Phillips LLC, a company tied to AEW Capital Management, a Boston-based global real estate investment manager, was the buyer.

The Hanover Company, based in Houston, built the apartments in 2019. Amenities include a media room, pet play area and washing station, zero-entry pool with lounge seating, fitness center, a walking trail, a deck over a community pond, and outdoor grilling stations.

Studio, one-, two- and three-bedroom units feature stainless steel appliances, island kitchens, walk-in closets, and dual vanity countertops. The property sits across ICON Park and is just a short of distance away from the Universal and Disney theme parks.

In Winter Park, Berkshire Residential Investments recently purchased the 310-unit Alexan Winter Park multifamily community at 1874 Harmon Ave. for $85.5 million. Records show the buyer financed the deal with a $36.5 million loan from Bank of America.

The 310-unit Alexan Winter Park (North End) apartments were once part of the Calvary Assembly of God property near downtown Orlando.
The 310-unit Alexan Winter Park (North End) apartments were once part of the Calvary Assembly of God property near downtown Orlando. (Charlan Brock & Associates)

Trammell Crow was the seller and developer. The developer acquired the 6-acre property from the Calvary Assembly of God in 2017 for $9.4 million. The apartments were completed in 2020. Features include a resort-style pool and sun deck, two courtyards with fire pits, a fitness studio with virtual training equipment, a pet-friendly spa and dog park, a fully equipped podcast studio or craft room, a bike storage and repair shop, a gaming room, and a business center.

Walker & Dunlop brokered the deal.

Trammell Crow recently completed a 222-unit apartment community just north of the Alexan Winter Park community, also known as Alexan North End. The recently built apartments at 741 Clay Street were part of the second phase of plans in Winter Park for Trammell Crow.

The two sister complexes have a combined 532 units. Both are made up of 4-story, urban-style buildings with structured parking.

In Osceola County, CGI+ Real Estate Investment Strategies sold Astoria at Celebration, a 306-unit luxury multifamily community in Celebration, to Versity Investments for $74.5 million.

Originally completed in 2016, the property, which was then known as Sola at Celebration, suffered from construction defects and was vacated in 2017. CGI+ acquired the vacant community in 2019 for $43 million.

Find out who bought the Sola at Celebration apartments, a property at the center of litigation between its developer and previous ownership.

After completing an exhaustive analysis, CGI+ Vice President of Development and Construction Mario Lopez and Ryan Bitzer from Turning Leaf Construction worked to bring the property up to code and received the final certificate of occupancy in February 2020. During this time, CGI+ worked with Epoch Property Management to rebrand the community as Astoria at Celebration and stabilize the community. At the time of the sale the property was 99 percent leased.

“Our history as a ground up developer gave us both the experience and confidence that we could undertake a massive challenge like we did with Astoria and turn it into a Class-A resort-style property,” CEO Gidi Cohen said. “Having successfully restored the property to optimal condition, and with the Orlando market continuing to trend up, we were able to exceed our business plan in record time. It is a large, well-located asset that offers tremendous upside for an experienced operator like Versity.”

Shelton Granade, Jr, and Luke Wickham from IPA USA marketed the property for sale on behalf of CGI+. Thorofare Capital provided a $44 million core-plus institutional loan for the acquisition.

Have a tip about Central Florida development? Contact me at Newsroom@GrowthSpotter.com or (407) 420-6261. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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