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Blackstone Group adds to its MetroWest holdings with $90.5M apartment buy

A view of the pool area at the Indigo West apartments in MetroWest.
A view of the pool area at the Indigo West apartments in MetroWest. (Pollack Shores)

Affiliates of Salt Lake City-based Bridge Investment Group earned a whopping $41 million ROI after selling the Indigo West apartment complex in Orlando’s MetroWest area.

Bridge acquired the 456-unit rental community in 2017 for $49.5 million and sold it this week to an affiliate of New York-based Blackstone Group for $90.5 million.

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Located at 6101 Raleigh St., the 25.75-acre property includes 18 three-story garden style buildings that date to 1998. It lies just a mile from the Valencia College West Campus, and four miles north of Universal Orlando.

The buyer is a private equity firm with roughly $512 billion in assets under management. The latest deal follows a string of big-ticket purchases by the company this year throughout the Orlando market.

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

Bridge launched a property-wide capital improvement program that included new roofs, paint, upgrades to the community center, swimming pool and playground, and a new dog park, resulting in a sale price of nearly $200,000 per unit.

Blackstone, through affiliate LivCor, 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 multi-state portfolio acquisition.

Other recent acquisitions include the 338-unit Integra Cove apartments near SeaWorld, the 396-unit Knightsbridge at Stoneybrook apartments in east Orange County, a 105-bed senior living facility in Ocoee, the 55 West mixed-use tower in Downtown Orlando and the 432-unit Estates at Park Avenue in MetroWest.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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