A Beverly Hills investment group paid $77 million this week a 400-unit apartment complex in the desirable Waterford Lakes neighborhood of East Orlando.
PRG Fund bought Mirabella at Waterford at 12101 Fountainbrook Blvd. as part of an ongoing effort to expand its portfolio of luxury rental communities surrounding the popular open air shopping district. PRG paid roughly $94 million in recent years to acquire two other apartment communities: Rexford at Waterford Lakes and Victoria at Waterford Lakes. The three properties have a combined 1,080 rental units.
Mirabella is a gated community constructed in 2000 and was 95-percent occupied at closing. The breaks down to $192,500 per unit.
“We received incredible interest in Mirabella at Waterford Lakes, which translated into a highly-competitive bidding environment,” Granade said. “This is a testament to the quality of the asset, its excellent location, tremendous upside potential and strong investor demand for value-add opportunities in Central Florida. Orlando continues to lead the nation in percent-job growth, while deliveries appear to have declined over the last twelve months. Due to these favorable market conditions, investor interest in Orlando remains robust.”
With 9-foot ceilings, all new roofs and exterior paint, and spacious amenities and floor plans, Mirabella has the look and feel of a luxury property but still offers significant upside by making modest amenity and interior enhancements, Granade said.
PRG Fund sourced a $50.17 million loan from Wells Fargo.
The sale occured just three months after Lantower acquired the newly constructed Alta Grand apartments from Wood Partners. Lantower paid $74.7 million for the asset.