Multi-Family Residential Developments

Multifamily investment sales in Orange, Seminole and Osceola counties top $200M

The 280-unit Kestra Apartments near Disney sold for nearly $80 million.

Multifamily properties throughout Central Florida grabbed the attention of national and global investment firms over the last several weeks.

Records show three large apartment communities in Orange and Seminole counties, as well as one affordable housing complex in Osceola County, sold in separate transactions for a combined, total of more than $223.4 million.


The largest deal took place by Orlando’s affluent Dr. Phillips neighborhood, located near Disney’s theme parks and attractions.

Winter Park-based Epoch Residential just sold its 280-unit Kestra Apartments community at 10387 Vista Oaks Ct. for $79.8 million, or $285,000 per unit, to CBRE Global Investors, the real estate investment arm of commercial brokerage CBRE.


Epoch President Justin Sand told GrowthSpotter occupancy was 97% at the time of the transaction. The community, completed last year, features a clubhouse, resort-style swimming pool and spa, fitness center, bike repair shop, business center and controlled access into units.

Walker & Dunlop brokered the all-cash deal.

CBRE Global Investors agreed to sign a prohibition to condominium conversion agreement, records show.

The deal for the Kestra Apartments grows CBRE’s foothold in the area.

Last year, the investment firm dropped $68 million, or about $263,500 per unit, for the 258-unit Zen Luxury Living apartment complex, built by Orlando-based Unicorp National Developments in 2017 immediately south of the Kestra Apartments.

In Seminole County, affiliated companies of Massachusetts-based Aspen Square Management sold the Preserve at Spring Lake apartment complex in Altamonte Springs for a little more than $62.8 million.

The deal for the 319-unit apartment complex at 895 Wymore Rd. breaks down to $196,865 per unit.

Michigan-based GSH Group was the buyer. Records show the company financed the deal with a $53.65 million loan from MF1 Capital, a mortgage REIT established by CBRE Capital Markets in partnership with Limekiln Real Estate and Berkshire Group. The $1.47 billion debt fund specializes in direct multifamily and senior housing lending.


Aspen Square, a value-add multifamily investment firm, bought a portion of the apartment community in 2013 and the remaining portion in 2019, spending a total of $19.5 million for the properties. Features include an upgraded units as well as fitness center, clubhouse and pool area.

Preserve at Spring Lake also features a dog park, tennis courts, and outdoor games. Units feature up to four bedrooms and include walk-in closets and private balconies and patios.

The mid-rise apartment community is located near Maitland, where another multifamily deal recently took place.

Round Rock, Texas-based JT Capital paid $29 million for the 129-unit Q Apartments community at 430 E. Packwood Ave., located directly behind the Shoppes at Maitland strip center along South Orlando Avenue.

Carter-Haston, a private fund management and property management company based in Nashville, was the seller. Records show the company bought the property in 2004 for $8.5 million.

The Q Apartments, completed in 1968, consists of eight mid-rise multifamily buildings, a swimming pool, fitness center, community clubhouse and outdoor grilling stations.


JT Capital scored a $24.7 million loan from Voya Investment Management to finance the deal.

Lastly, in Osceola County, a fund managed by Starwood Capital bought an affordable housing community in Kissimmee for a little more than $51.7 million.

The 394-unit Grande Court at Boggy Creek apartments at 1401 Grande Blvd. sold for about $131,000 per unit. The seller, Virginia Beach-based Hercules Living, bought the property in 2016 for $26.2 million.

Florida Housing Finance Corporation financed the construction of the Grande Court at Boggy Creek apartments in 2002 with $13.5 million in tax exempt bonds. In addition, the development received more than $800,000 in housing credits. Under the established 4% housing credit program all rent restrictions on units must be at least 60% of AMI for 30 years.

The community consists of 16, three-story rental buildings and features a community clubhouse, pool, playground, fitness center, volleyball court, outdoor grilling station and picnic area.

CBRE Multifamily Capital provided a $34.9 million loan to finance the deal. According to the mortgage, Starwood Capital purchased a larger portfolio of multifamily properties across the nation, including eight other properties in Virginia, Maryland, Georgia and South Carolina.


Starwood is known to invest heavily in Central Florida. In 2018, it purchased 13 low-income housing communities in the Orlando market as part of a $600 million portfolio deal across 28 properties in Florida.

Last year, a trust managed by the REIT paid about $33.2 million for a 184-unit mixed-income apartment community in Sanford, as part of a larger $461 million portfolio deal executed by the REIT.

Have a tip about Central Florida development? Contact me at or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.