A Wellington, Florida-based apartment developer who has two new Nona-area communities in the pipeline has sold one of its recently completed projects for $73.8 million.
The Bainbridge Companies built the 288-unit luxury Bainbridge at Nona Place in 2018 as part of a joint venture with CNL Financial Group. Located at the corner of Narcoossee and Tyson roads, the property was 97 percent occupied at the time of sale, according to Newmark Knight Frank, which represented the seller in the transaction.
The buyer was an affiliate of Toronto-based real estate investment firm Starlight U.S. Multifamily, which already owned five Class A multifamily assets in the Orlando market and three in Tampa. Those include several “Altis” branded communities in Orlando and Kissimmee.
Starlight U.S. Multifamily buys, owns and operates apartment properties through public, private and institutional vehicles, with a portfolio of more than 13,000 apartment units across the southern United States. “We are excited to add this unique asset in an irreplaceable location to our growing portfolio of luxury rental apartment communities,” President Evan Kirsh said in a release.
NKF Senior Managing Director Scott Ramey said the sale “highlights the incredible demand we are seeing for well-located, best-in-class apartment communities in Central Florida."
"The property’s beautiful design featuring a unique lake front amenity package, combined with an exclusive location adjacent to Lake Nona Medical City, resulted in a substantial level of interest from the investment community including many new buyers who have not historically pursued garden assets in Orlando,” Ramey said.
The sale price breaks down to $256,250 per unit, a more than 20-percent increase since Starlight’s last Orlando-area acquisition in November 2018.
“Bainbridge at Nona Place had one of the strongest lease ups we’ve seen in Florida, hitting over 90% leased in less than 6 months with 40+ leases per month. The developer’s ability to deliver best-in-class product with an unrivaled amenity package in one of Orlando’s most affluent submarkets allowed for a successful lease-up,” added Vice Chairman Patrick Dufour.
Constructed in 2018, Bainbridge at Nona Place is a garden-style property with spacious one-, two- and three-bedroom units with kitchen islands, quartz countertops and abundant natural light. Residents enjoy a resort-style pool overlooking Lake Whippoorwill with a sun deck and cabanas that include a pavilion and hammocks; a 24-hour fitness center with yoga and Spin Cycle Bikes featuring fitness on-demand and an outdoor club room and a Lanai which includes a television, fireplace and water views.
Bainbridge is also the multifamily developer at Tyson Ranch, where the company is planning a 324-unit apartment complex, and in the mixed-use Narcoossee Cove, also on Lake Whippoorwill. The Tyson Ranch property lies just south of intersections with S.R. 417, Boggy Creek Road and Lake Nona Boulevard. Narcoossee Cove is on the east side of Narcoossee Road, south of S.R. 417.