Investors and lenders continue to pour money into the Orlando area multifamily market.
Several investments deals took place across Orange County over the last week in hot markets like Orlando’s Ivanhoe Village and Maitland. In addition, a groundbreaking ceremony for a new apartment community took place in the Lake Nona area.
Kicking off the roundup includes the groundbreaking of a planned $65 million multifamily community in Lake Nona called East Park Village Apartments. The 264-unit development at 10735 Moss Park Rd. is being backed by entrepreneur Dr. Kiran Patel.
Lake Nona Medical Center Development LLC, d.b.a. EPV Development LLC, bought the property in 2013 for $8 million with a vision to build a large mixed-use project. Onicx Group will be developing the apartments and Lakeland-based The Lunz Group is the architect. The community will be managed by Orlando-based ZRS Management. Live Oak Contracting is the general contractor.
“The net migration of Orlando over the last decade justifies the need for a project of this scale and magnitude,” Dhvanit Patel, president and CEO of Onicx Group, said in the release.
Amenities at the apartment community include a swimming pool with an outdoor kitchen and recreational area, a fitness center with a spin/yoga room, a business center with individual workstations, detached garages, and a playground. Units will offer one to three bedrooms.
The project is estimated to be completed in early 2024. The construction of the apartments launches the first phase of the $200 million mixed-use East Park Village community envisioned by Patel that will include a medical office building, a hotel and retail spaces, once complete.
Meanwhile, a number of large real estate investment companies have recently picked up stabilized multifamily communities throughout Orange County.
The largest price paid for an apartment community last week was a $132.5 million cash deal for the $50 million luxury Lake House Apartments in Orlando’s Ivanhoe Village. The deal for the 252-unit complex, completed last year, breaks down to about $525,790 per unit.
A joint venture between OneEleven Residential and Orlando-based design-build company FINFROCK paid $7.95 million in late 2018 for the 2.4-acre site at 295 NE Ivanhoe Blvd. and took out a $60 million loan from Citizens Bank to push the project along.
Walker & Dunlop’s Brian Moulder and Chris Chadbourne represented the seller.
The 9-story Lake House Apartments tower across from Lake Ivanhoe features ground-floor commercial space, including several eateries. Amenities include an elevated second-floor pool deck, fitness center, lounge and clubhouse on the ninth floor overlooking the lake and the downtown Orlando skyline.
The buyer, Lincoln Property Company, is also a longtime property owner and developer in Orlando. It built the 28-story SunTrust Plaza at Church Street Station mixed-use tower in downtown. The development added 200,000 square feet of Class A office space to the city’s Central Business District and landed the city’ first AC Hotel. It also has a fully integrated SunRail stop on its ground floor.
A second phase is approved for a 32-story mixed-use tower that would deliver 34 hotel units, 204 residential units, around 2,000 square feet of ground-level retail, 28,000 square feet of ballroom/hospitality and about 171,000 square feet of office.
Meanwhile, in Maitland, Ramsey, New Jersey-based Raia Capital Management purchased the 244-unit Maitland City Center mixed-use development at 190 Independence Ln. for $90.7 million. Of the total 244 units, 220 were market rate and the other 24 are live-work units. The cash deal breaks down to about $372,000 per unit.
The Allen Morris Company, which is based in Coral Gables, was the seller. Records show the buyer agreed to sign a prohibition to condominium conversion agreement.
Walker & Dunlop’s Brian Moulder and Chris Chadbourne also brokered this deal.
Built in 2018, Maitland City Centre features Mediterranean-inspired architecture, a large courtyard at its center, a fitness center with Peloton fitness bikes and yoga lawn, rooftop infinity pool, rooftop dog area and 35,000 square feet of ground-floor retail. The property is located near SunRail’s Maitland station.
The Allen Morris Company is also a co-developer of The Julian, a $109 million skyscraper in downtown Orlando’s Creative Village.
Third on the list of multifamily investment sales is Harbor Group International’s 234-unit Linden On The Greeneway complex, built in 2017 in south Orlando.
The 234-unit apartment community at 13000 Breaking Dawn Dr. was scooped up by Cores Management Inc. for $63.5 million. Records show the buyer financed the deal with a $54.3 million loan from New York-based Acres Realty Funding.
Shelton Granade, Luke Wickham and Justin Basquill of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal.
Features include a pool, a bocce ball court, a cyber cafe, and outdoor recreational space with BBQ grills and an outdoor fireplace. Records show a split-interest group tied to Harbor Group International bought the property in 2018 for $47 million.
Finally, the 245-unit Halston World Gateway rental community at 9000 Avenue Pointe Circle sold for $61.63 million.
PGIM Real Estate U.S. Debt Fund L.P. provided the fund a $103.9 million loan, records show.
Amenities include a swimming pool, a private community pond, a fitness center with yoga studio, a dog park, an outdoor Gazebo lounge, a clubhouse with a coffee bar, and a business center. The apartments were built in 2007.