Multi-Family Residential Developments

Big multifamily investment sales take place throughout Central Florida around the new year

Several high-profile multifamily deals took place around the new year throughout Central Florida.

A fair share of large multifamily investments sales took place throughout Central Florida to kick off the new year.

One of the highest-priced deals took place near the planned $1 billion Evermore Orlando Resort.


In late December, a joint venture between Atlanta-based Carroll and Los Angeles-based Pacific Coast Capital Partners (PCCP) paid $179 million for the 672-unit Alexandria Parc Vue apartment community at 10649 Bastille Lane.

Galaxy Realty Capital’s Atlas Alexandria and Parc Vue LLC was the seller, records show. The apartment complex, built in 2000, features include a community clubhouse, two fitness center, garages, two-lighted tennis courts and two business centers.


Records show the JV partners financed the deal with a $138.5 million loan from New York-based Ares Commercial Real Estate Management.

The Julian Apartments in downtown Orlando’s Creative Village District sold for $142 million.

Also in December, the Frankforter Group paid $142 million for The Julian Apartments, a 409-unit apartment project in downtown Orlando’s Creative Village District.

The 14-story rental community at 462 N. Terry Ave. sold for almost $350,000 per unit. Creative Village master developer Ustler Development and The Allen Morris Company co-developed the mixed-use apartment building in 2020.

Features at The Julian Apartments include nearly 1,000 square feet of work-from-home space on every floor, a state-of-the-art fitness studio, and a rooftop resident clubhouse with a resort-style swimming pool and viewing terrace. On the ground floor is The Monroe restaurant.

The Frankforter Group financed the deal with a $117.25 million loan from Arbor Realty Trust.

The deal marks Frankforter’s second acquisition in downtown Orlando in the last six months. Last summer, the Montreal, Québec private real estate investment firm paid $62 million for the Ivy Residences Health Village apartments.

The Creative Village master-planned community spans about 70 acres in downtown Orlando. When completed, it will represent more than $2 billion in new development.

Sketch shows street face of Modera Central with pool deck.

Another luxury apartment complex sold before the new year.


Modera Central, the 350-unit apartment building at 125 E. Pine St., sold for $137.25 million in early December, records show. Mill Creek Residential Trust built the apartments in 2018. The 22-story mixed-use apartment tower faces the southwest corner of E. Central Boulevard and S. Rosalind Avenue, a half block from Lake Eola

Records show HSF Modera LLC, led by Jonathan Taylor is the buyer. The Delaware Limited Liability Company financed the deal with a $100.7 million loan from New York-based Square Mile Capital Management LLC.

The 35,000-square-foot University Club was not part of the sale.

The 290-unit Allure on Parkway apartment community in Seminole County was completed in 2020.

In Seminole County, Starlight U.S. Residential recently paid $98.6 million for the 290-unit Allure on the Parkway apartment community near Lake Mary.

The property at 1400 Encore Pl. was sold and developed by CIG Communities, previously known as Capital Investment Group. The deal breaks down to $340,000 per unit.

Records show the buyer financed the deal with a $71 million loan from Mesa West Capital, based out of Los Angeles.


Allure on Parkway, built in 2020, is a midrise apartment community that consists of a four-story apartment building and a parking garage. The property is comprised of one- and two-bedroom units.

Amenities include a resort-style pool with a cascading waterfall, an outdoor entertaining kitchen, an on-site golf putting green, and a dog park with an agility course and a pet spa.

Indoor amenities include a fully-automated zoom conference room, a state-of-the-art fitness center, a business center, bike storage, electric car charging stations, PGA golf simulation room, billiards and gaming room, and lounge area with kitchen.

The 442-unit West Vue apartment community in MetroWest sold for $97.5 million.

Earlier this month, a recently completed apartment community in Orlando’s MetroWest community sold for $97.5 million. The 442-unit West Vue apartment community at 5915 Raleigh St. was developed and sold by multifamily developer RISE.

In 2019, GrowthSpotter reported RISE had paid $10.6 million for the roughly 20-acre development site with plans to build apartments. About 2.5 acres were dedicated for future retail development.

A joint venture between Phoenix Realty Group and Prospect Capital acquired the property. The deal breaks down to $220,588 per unit. According to a news release, the property has a long-term ground lease.


Records show the buyer secured a $73 million loan from CBRE U.S. Credit Partners Funding LLC to finance the deal. Berkadia’s Matt Wilcox, Brett Moss, Tyler Swidler and Cole Whitaker marketed the property on behalf of the seller.

Newmark acted as the mortgage broker in the transaction

Built in 2021, West Vue consists of one-, two- and three-bedroom apartments averaging 759 square feet to 1,369 square feet. Amenities include two resort-style swimming pools with private cabanas, a 24-hour clubhouse with Wi-Fi, a media and game lounge, rentable private offices and study spaces, a 24-hour fitness center, full yoga studio, courtyards, a dog park, children’s playground and a summer kitchen with grills.

The 336-unit Haven at West Melbourne apartment community in Brevard County sold for $84.7 million.

A little further away from Orange County, The Haven at West Melbourne sold for $84.7 million.

The multifamily community at 4550 Explorer Dr. was sold by a company tied to the national real estate investment firm Passco Companies. Records show the buyer, Haven SPE LLC, is tied to Texas-based multifamily investor JT Capital.

JLL Capital Markets’ Ken Delvillar and Jay Ballard represented the seller. JLL’s Melissa Marcolini Quinn and Lee Weaver led a team that represented JT Capital in arranging debt and equity financing for the acquisition. Records show the buyer financed the deal with a $68.42 million loan from Ready Capital.


The multifamily complex consists of 13 buildings with units averaging 1,164 square feet. Community amenities include a pool and sundeck, an outdoor gourmet kitchen, a 24-hour fitness center, a business center, a children’s play park, a billiards room, a sand volleyball court, a dog park and a car care center.

The apartments are near major employers in Brevard County including, L3Harris, Collins Aerospace, Northrop Grumman, Patrick Air Force Base, Lockheed Martin and Blue Origin.

The new owners of the 320-unit Enclave at Lake Ellenor rental community plan to renovate apartment units.

Just recently, American Landmark Apartments sold its Enclave at Lake Ellenor rental community for $68.5 million. The 320-unit value-add apartment community at 2100 W Oak Ridge Rd. sold for about $214,000 per unit.

Berkadia’s Charles Foschini, Chris Apone, Scott Wadler secured the financing on behalf of the buyer, a joint venture between East Hill Capital Partners and The Bascom Group. The property was 97.5% occupied at the time of sale, according to a news release about the deal.

Starwood Property Trust originated the $59 million loan, which includes $54 million in initial funding and $5.83 million of future funding.

Enclave at Lake Ellenor was originally built in 1973 with two new buildings in 2020 delivering an additional 24 luxury units.


The 25-acre property consists of several two- and three-story apartment buildings. Of the property’s total 320 units, 296 are available for renovations, according to the release. The property offers studio, one-, two- and three-bedroom floor plans. Amenities include two swimming pools, a fitness center with kid’s playroom, package lockers, and a dog park.

EPC bought the 100-unit Carlyle Court apartment community for $16.32 million.

In December, Miami-based Eagle Property Capital Investments entered the Orlando market with two multifamily acquisitions. The real estate investment management company bought the 210-unit Pendelton Park Villas for $34.68 million and the 100-unit Carlyle Court apartment community for $16.32 million.

Both assets were acquired by private multifamily real estate fund raised and managed by EPC. The deal included an apartment community in Dallas and marks the deployment of all equity in the EPC Fund IV.

Both built in the 1970s, Pendelton Park Villas (5953 Curry Ford Rd.) and Carlyle Court (5924 Curry Ford Rd.) were built across the street from one another and last renovated seven years ago, according to a news release about the deal.

The properties together add up to 310 apartments, meaning the $51 million deal breaks down to $164,500 per unit.

According to the release, EPC will consolidate operations and rebrand the entire community under the name “Sunset Place,” and will implement a repositioning strategy for both properties.

The 220-unit Reserve at Conway apartment community sold for $48 million.

Last but not least, ZMR Capital paid $48 million for a 220-unit multifamily community in Orlando’s Conway neighborhood. The Reserve at Conway community at 3149 Landtree Pl. sold for about $218,180 per unit.

According to a news release about the deal, ZMR is planning a multimillion-dollar capital renovation “that will provide current and future residents with a living experience that is comparable to newer communities in the market.”

The seller, Reserve at Conway LLC, is tied to Virginia-based Chandler Residential. Records show the company paid $28.45 million for the property in 2018. In the release, ZMR CEO, Zamir Kazi, said the company’s goal is to invest approximately $250 million in the market over the next 24 months.

Reserve at Conway at 3149 Landtree Pl. was built in 1983 and consist of one- and two-bedroom apartments. Amenities include a clubhouse with a resident lounge and fitness center, swimming pool, outdoor kitchen, sports courts and dog park.

In addition to addressing maintenance issues, ZMR will upgrade unit interiors, gate the community and add new paint and landscaping, the release states.

Orlando-based Newmark Multifamily Groups Scott Ramey, Brad Downing and Paul Grant represented both sides of the deal. Newmark’s Brian Kochan and John Westby-Gibson helped secure the acquisition financing.


Records show the buyer secured a $40.96 million loan from Starwood PropertyTrust.

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