One of the world’s largest private equity firms continues to invest in Greater Orlando.
According to a deed recently filed in Seminole County, an affiliate of New York-based Blackstone Group just acquired the Bell Timacuan Apartments in Lake Mary for $83.52 million. The deal for the 310-unit complex at 715 Camarague Pl. breaks down to nearly $270,000 per unit.
The acquisition is part of a nationwide portfolio deal that includes 16 other multifamily communities, with only one other located in Florida. The Riverside Bell community in Jacksonville sold for $79.3 million, according to Duval County property records.
Blackstone secured a $153.4 million loan from Morgan Stanley to cover the financing for the properties in Florida. The loan is part of a larger $809 million mortgage that secures a consolidated, amended and restated promissory note of $575 million issued to the previous owner, Greensboro, North Carolina-based Bell Partners.
The seller is a privately-held apartment investment and management company that specializes in value-add opportunities. According to its website, the firm manages approximately 65,000 units across the United States.
Bell Partners bought the Lake Mary apartments in 2011 for $34.12 million. According to its website, the firm invested its own capital to upgrade the community, which was built adjacent to the Timacuan Golf Club in 2000.
Renovations included adding USB charging stations; updating the kitchens and bathrooms; adding custom lighting and fixtures; and adding wood flooring in the living areas and new carpets in the bedrooms. Floor plans are named after Bentley car models: The Azure, the Mulsanne and the Bentley.
Blackstone oversees $731 billion in assets under management including investment vehicles focused on private equity, real estate, public debt and equity, among others.
The private equity firm has been bullish in Central Florida. It’s one of the most active buyers in Orlando’s multifamily space in recent years.
Earlier this year, it paid $63.4 million for a student housing community near the University of Central Florida.
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 multistate 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.
Integra Land Company has four new multifamily communities in the pipeline
Meanwhile, Lake Mary-based Integra Land Company just received its construction financing for Integra Heights, the first multifamily community in the sports-themed Olympus mixed-use district in Clermont.
Integra and its equity partner, Panther Residential, purchased the development site on U.S. 27 across from Lake Louisa for $3.745 million. They received a $39.9 million construction loan from Hancock Whitney. Integra Heights will consist of 289 units in four-story wood-frame buildings. Integra President David McDaniel told GrowthSpotter construction starts in about two weeks and should wrap up around December of 2022.
“I know there was an apartment moratorium in Clermont at one point. We think we’ll be coming in at a good time when demand is at its peak,” he said.
The apartment buildings will be elevator served with a mix of tuck-under garages and surface parking, and a pool and clubhouse.
“We have our typical amenity package,” he said. “We will be tying into the Olympus master community with trails and promoting the health and wellness theme.”
This is one of four new multifamily communities the company will have under construction in 2022. “We’ll start Integra Mist in Deltona in January, and we have another project in Daytona Beach that we close on in November and will start in December,” McDaniel said.
The company also is seeking permits for Integra Towers Nona South, a 364-unit apartment community on Boggy Creek Road that was approved last week by Orlando’s Southeast Town Design Review Committee. McDaniel said they hope to start construction in the first quarter of 2022.
Integra has partnered with Panther before on the development of Sunrise Parc at Sunrise City in Kissimmee. They completed that asset in 2020 and sold it for $67 million. They also teamed up for Integra Crossings, a recently completed 350-unit complex in Lake Mary.