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Blackstone drops $100M for apartment complex overlooking MetroWest golf course

Blackstone Group paid $100 million for the Harbortown Apartments in MetroWest.
Blackstone Group paid $100 million for the Harbortown Apartments in MetroWest. (JRK Property Holdings)

One of the world’s largest private equity firms continues to invest in Greater Orlando.

According to a deed recently filed in Orange County, an affiliate of New York-based Blackstone Group just picked up the Harbortown Apartments in MetroWest for $100 million. The deal for the 428-unit complex at 2333 Lake Debra Dr. breaks down to about $233,645 per unit.

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The seller was an affiliate of Los Angeles-based JRK Property Holdings, which had owned the luxury rental community for 10 years after buying it for $40 million in 2010.

Built in 1999, the community sits on 36.5 acres tucked between Turkey Lake to the west and the Metrowest Country Club golf course to the east. It features a mix of 3-story walk-up garden apartments and townhomes with tuck-under 2-car garages. The apartments were recently renovated to include wood-look floors, designer lighting and new kitchen cabinets with granite counters and stainless steel appliances.

Outdoor amenities include a dog park, shuffleboard and outdoor chess set. There’s also a spacious clubhouse with a fitness center, billiards lounge and gaming center and business center, along with a resort-style pool and Jacuzzi.

Blackstone, through affiliate LivCor, has been one of the most active buyers in Orlando’s multifamily space in recent years, notably within the MetroWest submarket. Earlier this year, a Blackstone affiliate paid $90.5 million to Bridge Investment Group for Indigo West, a 458-unit apartment community on Raleigh Road.

Blackstone previously purchased the neighboring Amara at MetroWest apartments from Bridge in 2019 for $177,130 per unit.

In 2017, Blackstone paid $70.25 million for the Estates at Park Avenue, at 2801 Biltmore Park Dr. in MetroWest. The 432-unit community is right across the golf course from Harbortown Apartments.

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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