A family-owned development company with a long history in South Florida just branched into the Orlando real estate market.
Coral Gables-based J. Milton & Associates has expanded its portfolio of properties with its addition of the Aventura Apartments in Orlando’s Rosemont neighborhood.
The 144-unit multifamily community at 5300 Cinderlane Parkway sold for a little more than $18.16 million. The all-cash deal pencils down to about $126,135 per unit.
Minnesota-based Orlando Leased Housing Associates VI LLLP, which is tied to Dominium Apartments, is the seller. The company paid $9 million for the complex in 2016.
Franklin Street’s Tampa multifamily investment sales team, Darron Kattan, Zach Ames, Kevin Kelleher and Avery Jordan, represented both the buyer and the seller.
“This was the buyer’s first asset in the Orlando area, and we managed to secure an all cash closing despite the current circumstances of the COVID-19 pandemic,” Kattan said in a press release.
Built in 1984, Aventura Apartments sits on about 7.45 acres. Prior to selling, Dominium renovated its pool and patio area. The community also includes a new fitness center and outdoor children’s play area.
In a previous interview with GrowthSpotter, Dominium partner and senior vice president, Brendt Rusten said the firm would rebrand the community and invest about $7,000 in renovations per unit.
Upgrades included new kitchen cabinets, counters and appliances, new lighting packages, faucets, low-flow toilets and new flooring throughout.
Across the street, Dominium owns the 500-unit apartment complex called Nassau Bay.
J. Milton was founded by the late Cuban-American architect and developer, José Milton, who moved to Miami from Cuba in 1963, according to the Miami Herald.
During the early years of his company Milton built more than 50,000 South Florida rental units. He later helped develop much of the Sunny Isles Beach skyline with high-rise projects.
The company’s projects include the IntraCoastal Yacht Club and the Sands Pointe Ocean Beach Condominium towers in Sunny Isles Beach.
In Broward County, the family-run firm is currently developing a 13-story apartment tower along Dania Beach Boulevard called Sea View at Dania, according to the Sun Sentinel.
Representatives at the company were not immediately available to comment.