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Multi-Family Residential Developments

Big multifamily deals take place in Orange, Seminole and Osceola counties

Some big-ticket multifamily deals took place throughout Central Florida.

Coming off the heels of the recent $101.25 million sale of the 23-story Skyhhouse apartment building is another downtown Orlando apartment complex acquisition.

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Property records show G. W. Williams Co., a fourth-generation, privately-held real estate investment company based in San Mateo, California, paid $90 million for the NORA apartment community. Its name is an acronym for North Orange Residential Apartments.

Built in 2014 by entities tied to New York-based Ginsburg Development Corporation, NORA is a 246-unit apartment complex on the corner of North Orange Avenue and Marks Street. The deal for the apartment complex at 899 N. Orange Ave. breaks down to about 365,850 per unit. Amenities include a resort-style pool, fitness center, fire pit, gas grilling stations, and pet grooming station.

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This is the first multifamily property G.W. Williams Co. has acquired in Orlando and the second property in Florida following its acquisition of the Terrabella Coastal Apartments in Jacksonville, according to its website.

Shelton Granade, Luke Wickham and Justin Basquill of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal.

The real estate investment company sourced a $57.5 million loan from LoanCore Capital to finance the NORA acquisition.

In Seminole County, Jefferson Lake Howell, a 384-unit gated community in Casselberry, sold for $154.1 million, or about $401,300 per unit.

Jefferson Apartment Group, the seller and developer, built the garden-style community at 1124 Shoreview Circle in 2020. Jefferson Lake Howell is made up of 16 garden-style, three-story multifamily buildings and sits on about 30 acres south of Red Bug Lake Road, east of State Road 436, along the northern shore of Lake Howell.

The buyer, LIPT Lake Howerll Apartments LLC, is a company tied to LaSalle, an independent subsidiary of JLL.

The community features dock access to Lake Howell and supports recreational activities such as boating, kayaking and paddle boarding.

Amenities at the apartment complex include a heated saltwater pool with flex lawn space and fire pits. The 6,400-square-foot clubhouse features a second swimming pool, covered summer kitchen, resident lounge with bar and hospitality area in addition to billiards and gaming, fitness center and yoga room. Additional amenities include a dog park, playground, and pet spa.

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“Orlando continues to be one of the strongest multifamily markets in the country and is experiencing exponential rent growth which is drawing a variety of new buyers to the market,” Newmark’s Scott Ramey, who brokered the sale, told GrowthSpotter. “Jefferson Lake Howell was our third core sale so far this year that went to a buyer who was new to the Orlando market. We expect that trend to continue moving forward due to the overall fundamental strength of Central Florida.”

Further away in Osceola County, an older apartment community sold for $87 million.

CARROLL, a national real estate investment firm based in Atlanta, acquired the old 448-unit Caribbean Isle apartment community in Kissimmee, as part of a portfolio deal that included another rental complex in South Florida. The total portfolio consists of 600 apartment units.

According to a news release about the acquisition, the company quickly rebranded the apartment community to ARIUM Kissimmee Lakes.

“Both assets are prime value-add candidates, and CARROLL has plans for significant unit and amenity upgrades in order to modernize the properties,” the news release states.

ARIUM Kissimmee Lakes features a pool, clubhouse, fitness center, business center and playground. Atlas Residential USA was the seller. Records show Atlas Residential bought the apartment complex in 2007 for $39.5 million.

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CARROLL has acquired four multifamily communities in Florida since the start of 2022, including ARIUM Kissimmee Lakes and ARIUM Cypress Lakes. Since its inception, CARROLL has invested more than $2.3 billion in equity across the state.

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


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