New York-based real estate investment firm Lexin Capital just paid $70.8 million for the recently completed Jamison apartments in Kissimmee.
Lexin Capital Founder and CEO Metin Negrin said the high design style and modern amenities were main selling points for the property.
“We were looking to expand our Orlando holdings, and we wanted to do more multifamily for rent,” Negrin said. “We see this as a long-term hold.”
Built by Tampa-based DeBartolo Development, The Jamison is part of a larger mixed-use planned development called Settlement at Amber Pointe. The 315-unit class A multifamily community was completed in 2020. The sale price breaks down to $222,222 per unit.
“It’s already well-leased,” Negrin said. “We bought it before it was fully stabilized, so we got a little bit of a value by purchasing before the full lease-up. So we take a little risk, but we’re not concerned. We’ve been in Orlando for a long time and seen the ups and downs. We’re comfortable with the overall market.”
The JLL Capital Markets team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar, and Analysts Bailey Smith and Patrick Coley.
“As the property was launched in the market, there was significant initial interest from investors, mainly due to the fact that the property averaged 27 leases per month since leasing began in April 2020, with average rental rates starting at $1.34 per square foot increasing to $1.45 per square foot by the time of closing,” Ballard said. “Ultimately, we identified an investor willing to purchase the asset on a pre-stabilized basis at a price that was acceptable to ownership. The property was 85% preleased and 80% occupied at the time of closing.”
Lexin will keep Greystar as the management company.
Upshot Capital Advisors, master developer of Amber Pointe, was a joint venture partner on The Jamison. Forum Architecture designed the community. The Amber Pointe site is located at the intersection of U.S. 192 and Partin Settlement Road, next to the Osceola County East Government Center and across from a Publix-anchored shopping center. It’s also home to a new Miller’s Ale House restaurant, which is nearly complete, and has remaining entitlements for a 120-room hotel and a mix of retail and commercial uses.
The Jamison features an expansive amenity package that includes a zero-entry pool surrounded by cabanas and misting fans, covered outdoor grilling station and electric vehicle charging stations. In the clubhouse, residents have access to a fitness center, private offices and conference room, 24-hour Amazon package lockers, a cybercafe and gaming lounge. There’s also an off-leash dog park with indoor and outdoor grooming stations.
In each apartment, DeBartolo included Amazon-powered Smart Home technology, which it introduced in 2019 at its Haven community in Reunion. Each tenant receives an Echo Dot featuring Alexa and built-in speakers in each unit. That allows for voice controlled thermostat, voice controlled lights and fans in select rooms, smart hubs for additional devices and Wi-Fi included with speeds up to 300mb.
“That was very attractive to us,” Negrin said. “There are some design details DeBartolo does that are above standard. We’d like to continue what they’ve started by adding a smart door-lock system.”
This is Lexin’s third Orlando-area asset and second in Osceola County. The firm purchased the 21-acre Celebration Town Center in 2004 and led the condo conversion of the Siena Celebration apartments there. Negrin said there are no conversion plans for The Jamison.
In 2010, the firm acquired the Nona Commons retail center near Lake Nona’s Medical City, and Lexin is in due diligence now for a site in the Lake Nona market for a possible Build-for-Rent horizontal apartment complex.
“We love that model — we’re building that now in Phoenix,” Negrin said. “We’d love to do five to 10 of those in Tampa and Orlando, if we can find the land.”
The E192 corridor and NeoCity tech district have drawn several multifamily projects to the area. Last year Canadian developer T.R.A.M.S. completed its 420-unit Academy Park apartment community, located at the U.S. 192 – Florida’s Turnpike interchange. Nearby on Shady Lane, Birdsong Housing Group recently opened Gannet Pointe, an 80-unit affordable housing complex co-developed by Ability Housing. And next to that, West Virginia developer C&C Investments has filed a Site Development Plan for 102 multifamily units.
Falcone Group, a lead developer of Reunion West and Margaritaville, is under contract for 17.7-acres on Partin Settlement Road and the Cross Prairie Parkway and plans to build a 330-unit apartment complex there.