According to a deed recorded in Osceola County last week, it paid $70.98 million to purchase a luxury apartment community in Reunion that was freshly completed by a joint venture partnership between DeBartolo Development and Encore Capital Management.
The partners sold the 338-unit apartment complex at 7995 Haven Way for $210,000 per unit. DeBartolo teamed up with Encore Funds last year, after an entity tied the Reunion Resort developer sold the vacant 21-acre property to joint venture Reunion Apartments LLC for $4.5 million.
The JV received its Certificate of Occupancy in August. Kyle Bateh, Cortland’s investment manager for Florida, told GrowthSpotter the the complex was about 67 percent occupied and 74 percent leased at the time of the sale.
The deal marks the company’s eighth rental community in the Orlando metropolitan area.
As part of the acquisition, Cortland will rebrand the property Cortland Reunion.
Units at Cortland Reunion feature gourmet kitchens with stainless steel appliances and granite countertops. Rooms come with built-in custom closets, back-lit vanity mirrors and Smart Home technology, like Amazon Echo Dots, powered by Alexa, programmed on built-in speakers and voice-controlled thermostats, lights and fans.
Amenities include a clubhouse featuring co-working space and a pet spa; fitness center with Peloton bikes and an Aktiv Solutions training system; and two pools.
Jay Ballard and Ken Delvillar, of Cushman & Wakefield and its Florida Multifamily Investment Sales Team, represented DeBartolo and Encore in the disposition.
Park at Sorrento
The second apartment sale also took place in Kissimmee.
Last week, FCP paid $25.3 million to purchase a 208-unit workforce housing complex at 900 Woodside Circle. The deal for the rental community, built in 1973, breaks down to about 121,635 per unit.
It as sold by an investment group, led by Axel Jordan and Bruce Arinaga, director of acquisitions for Broad Reach Retail Partners LLC. Jordan is linked to flower distributor The Queen’s Flowers, one of North America’s largest growers and importers of fresh cut flowers. Jordan and his family members also partake in numerous multifamily and retail investments.
The investment group bought the complex in 2017 for $20 million through entities Park Sorrento Investments LLC and Sorrento Manager LLC.
The apartment complex sits just north of the Kissimmee Gateway Airport and features convenient access to major hospitals and the 500-acre “NeoCity” technology district. It consists of a mix of garden-style and townhouse apartments on 15.6 acres.
In a press release about the deal, FCP announced it will be rebranding the community to Mirador at Woodside.
The acquisition marks FCP’s twelfth Florida investment. The Maryland-based real estate investment company is also active in Tampa, Jacksonville and Southeast Florida.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill helped represent the seller. Brendan Coleman, Connor Locke, and Skye Stansbury of Walker & Dunlop helped the buyer assume the existing $16 million Fannie Mae mortgage.
Reserve at Lake Buchanan
After entering the Orlando market about a year ago, Texas-based S2 Capital is adding to its multifamily portfolio with the purchase of another apartment complex east of Mall at Millenia.
S2 Capital paid a little more than $16.5 million to acquire a 151-unit apartment complex built in 1970. The community, called Reserve at Lake Buchanan, sold for about $106,291 per unit.
The seller bought the complex in 2017 for $10.7 million through an entity tied to Beverly Hills-based Creative Realty Partners.
Last year S2 Capital’s founder and managing partner Scott Everett told GrowthSpotter the firm aims to own 5,000 units in Orlando by 2020. It currently owns at least four other apartment communities in the area, including Lorenzo at East Mil, Palmetto at East Mil, The Caden at East Mil and The Landing at East Mil.