Multi-Family Residential Developments

Multifamily investment sales near Mall at Millenia, Horizon West and Holden Heights top $200M

Central Florida multifamily investment remains strong as the final quarter of 2021 approaches its end.

One of the top multifamily investment sales to recently clear Orange County records was the roughly $103 million all-cash sale of The Place on Millenia, a 371-unit apartment complex in Orlando.


The apartment community at 5215 Millenia Blvd. sold for about $277,400 per unit. Naples-based TerraCap Management was the buyer. According to a news release about the deal, TerraCap is in the process of adding debt financing to the property post-close.

Scott Ramey of Newmark represented the seller in the disposition. Matt Williams and Kyle Schlitt, also from Newmark, were retained to help originate the debt. ZRS will continue to manage the property.


Ramey told GrowthSpotter the community was fully stabilized at the time of the sale.

“The Orlando multifamily market continues to be one of the preeminent investment markets in the country,” he said. “The explosive population growth, combined with an extremely tight residential housing environment, has created the perfect storm for multifamily owners.”

He goes on to say “properties are running at 98% to 99% occupancy while experiencing significant lease trade-outs on recent leasing, which is fueling the demand for new owners looking to acquire quality product in Central Florida.”

Salt Lake City, Utah-based commercial real estate agency Millburn & Company was the seller.

Records show the company took full control of the property in 2019 after buying the remaining split interest for $826,400. Millburn first bought into the property in 2017, paying $57 million for a majority share. The total transaction price accounted for about $57.8 million.

Built in 2007, the complex consists of one-, two-, and three-bedroom units. Amenities include a pool, an outdoor kitchen and gas grills, a fitness center, a clubhouse with a media room and a billiards room, and three interior lakes. New cabinetry and hardware were installed prior to the closing.

Like most of its investments, TerraCap plans to renovate the property and increase its value.

In a prepared statement TerraCap’s national director of acquisitions, Steve Good, said the company considers the apartment community a “well-positioned asset within a rapidly growing market.”


“Orlando continues to experience strong inbound migration patterns, and we feel this property is ideally located with quick access to much of what Orlando has to offer,” Good said. “We plan to build off the previous owner’s capital plan and continue to invest into the property and its amenities to offer residents a quality living option. We feel this approach will put this asset in the best position for future growth.”

The multifamily investment deal was one of several that took place in Central Florida last month.

Boyd Development Corporation recently sold its 250-unit Lodge at Hamlin in Horizon West apartment community for $89.8 million. The buyers are four entities that share a split-interest in the property. Each company is led by investors Matthew Bray, John Troutman and Dawn Lemons.

Bray is CEO of Richland Communities, which has a long history of developing communities and commercial projects in Central Florida. The firm’s assets include Southchase and Maitland Summit in Orlando and Calusa Trace in Tampa.

The deal for the garden-style community at 6151 Lake Lodge Dr. breaks down to $359,200 per unit. The Lodge at Hamlin, built last year, sits on roughly 13 acres on New Independence Parkway, about 10 miles north of Disney’s Magic Kingdom.

Cushman & Wakefield’s Dennis St. Romain, Jubeen Vaghefi, Charles Crapse and Alex Kupp brokered the deal.


The multifamily community is made up of 14 apartment buildings and features a lakeside pool with a summer kitchen and fire pit, a 2-story gym featuring programmable workouts, an indoor pet grooming suite, attached and detached garages, and a game room with shuffleboard and billiards.

The deal comes about several years after the developer sold one of its first apartment projects in the Horizon West community, LakeWalk at Hamlin, for a little more than $80 million. The 316-unit complex at 14012 Shoreside Way was built in 2018, next to the Hamlin Town Center that’s anchored by Cinépolis Luxury Cinemas, Publix and Walmart.

It’s currently building The Homestead at Hamlin Lakes just south of the commercial center. The development plan calls for 203 one-bedroom units and 170 two- and three-bedroom units.

But Class-A multifamily projects aren’t the only bracket investors are scooping up.

The buyer hopes to renovate the old 80-unit Courtyard Villas multifamily community located in the Holden Heights neighborhood of Orlando.

Just recently, Red Knight Properties dropped $8 million to acquire Courtyard Villas, an 80-unit multifamily community located in the Holden Heights neighborhood of Orlando.

Cushman & Wakefield’s Mike Donaldson and Nick Meoli represented the seller, ARMOS Property Group. Records show ARMOS bought the complex in 2017 for $4.52 million. The property was 93% leased at the time of sale.


In a prepared statement about the sale, Donaldson said “Holden Heights is a submarket that has been experiencing exceptional growth. Courtyard Villas is in the heart of the neighborhood and strategically located minutes from the Mall at Millenia, downtown Orlando, and several theme parks.”

The single-story concrete block property was built in the 1970s and consists of 18 residential buildings that include two-bedroom units. Amenities include a swimming pool with a sundeck and an on-site laundry facility.

The property also includes value-add potential that can be achieved through upgrading plumbing and lighting fixtures in all the units, re-painting the entire property, and adding a gate around the community with controlled access.

“We continue to see high volume demand for properties with any value-add component,” said Meoli in the statement.

“Value-add communities have always been well sought after, but once you incorporate the explosive growth being experienced in Central Florida, it is no surprise that we keep seeing droves of investors coming to the area to be a part of the action, many of which are first-time investors in the state.”

Have a tip about Central Florida development? Contact me at or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.