xml:space="preserve">
xml:space="preserve">
Advertisement

Priderock drops $104.5M for apartments in southwest Orange County

A photo of The Parkway at Hunter’s Creek at 14200 Colonial Grand Boulevard.
A photo of The Parkway at Hunter’s Creek at 14200 Colonial Grand Boulevard.(C2 Design Group Inc.)

West Palm Beach-based Priderock Capital Partners just dropped $104.5 million on a 496-unit apartment community in southwest Orange County called The Parkway at Hunter’s Creek.

The deal for the complex at 14200 Colonial Grand Blvd. breaks down to about $210,685 per unit, and marks the highest price paid for an apartment community so far this year in the Orlando metro area.

Advertisement

Property records show an affiliate of the Milestone Group based out of Dallas, Texas is the seller. The company bought the apartment complex in 2016 for about $78.2 million.

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

The pool area at The Parkway at Hunter’s Creek.
The pool area at The Parkway at Hunter’s Creek.(© C2 Design Group Inc; Chris Stevens 727.595.1519)

Representatives at the brokerage declined to comment citing confidentiality agreements with the clients.

Granade, NAIOP Central Florida’s top multifamily sales producer last year, previously told GrowthSpotter he expected to close only a handful of deals this quarter as the coronavirus pandemic has pushed the nation into an economic crisis. Deals that do close were already far along in the process and well-capitalized.

“I expect very little activity in the Second quarter, but I think it will ramp up again in the Third and Fourth quarters,” he said. “There’s going to pent-up demand, and there’s so much capitalization now, as compared to 10 years ago. Interest in Central Florida is still super strong.”

The Parkway at Hunter’s Creek was built in 1997. It consists of a mix of one-, two- and three-bedroom apartments. Residents have access to a fitness center, a pool and lounge area with two swimming pools and community clubhouse with a conference room, kitchen and coffee station.

Marketing materials states some units were recently renovated with new interior appliances. All units feature a full-size washer and dryer and a private patio or balcony with storage.

Priderock Capital is a private multi-family asset manager with more than 14,000 units across the United States. Last summer, the firm paid $63.25 million for a 356-unit apartment community in east Orange County formerly known as Park 9 Apartments.

It’s partnering with the Collier Companies to develop a 336-unit multifamily development next to Northrop Grumman Systems Corporation’s roughly 150,000-square-foot facility, which houses the company’s laser systems division in Apopka.

The $105 million deal for the apartment community exceeds what other investors have spent this year in greater Orlando.

Priderock’s $104.5 million deal for the Hunters Creek multifamily community exceeds what other investors have spent in greater Orlando, but is not the most expensive deal to date.

The deal narrowly tops the $104 million sale of the 607-unit Northbridge at Millenia Lake apartment complex Venterra Realty bought in September. And falls just short of the $105 million sale of Miami-based Related Group’s Town Trelago luxury multifamily community in Maitland that took place in December.

To date, the highest-priced sale of a multifamily property in greater Orlando took place in 2018 when the Related Companies, led by Stephen Ross, dropped $112 million for the Timberlake & The Glades apartments in Altamonte Springs, according to CBRE.

The Hunters Creek complex sits between the Walt Disney World theme parks and resorts and the Orlando International airport, with quick access to S.R. 417. It’s also walking distance to The Loop shopping center in Kissimmee.

The area has seen an influx of investment thanks to its proximity to major employers like the Darden Corporation, which has its headquarters on the northwest corner of Taft Vineland Road and John Young Parkway. Another major job provider in the area includes the Lockheed Martin Corporation.

Advertisement

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

Advertisement
Advertisement
Advertisement