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.
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.