Another big-ticket deal has taken place within developer Dan Bellow’s master-planned Ravaudage community in Winter Park.
Located near the intersection of N. Orlando Avenue and Lee Road, the apartment project at 1400 Morgan Stanley Ave. features a five-story rental building and parking garage.
Barry Sternlicht’s Starwood Capital Group paid about $309,352 per unit to purchase the development.
The global private investment firm was formed in 1991. Today, it has more than $60 billion of assets under management, according to its website.
According to a press release issued by the Bainbridge Companies, the project welcomed its first residents last month. The developer began pre-leasing efforts in July.
Amenities include a 24-hour fitness center featuring Peloton bikes and a 24-hour, video-monitored mail center with package lockers. Apartments feature modern kitchens, Nest thermostats and up to 12-foot tall ceilings heights.
In 2017, the Bainbridge Companies paid $6.95 million to acquire the 3.22-acre lot where it planned to develop the apartment community it calls Bainbridge Winter Park.
It’s unclear if the development will be renamed. Representatives at Starwood Capital declined to comment on the story.
It was completed last year and was 85 percent leased at the time of closing. That deal broke down to about $315,112 per unit.
The multifamily apartment buildings sit north of Ravaudage’s restaurant corner, where restaurants Todo Sushi and Miller’s Ale House have locations.
Ravaudage developer Bellows began assembling land for the mixed-use project in 2002, until he eventually amassed about 75 contiguous acres on the northwest corner of Lee Road and N. Orlando Avenue through more than 200 transactions.
Since then, the master-planned Ravaudage community has steadily come into its own.
Projects underway include a four-story 126-room Marriott Springhill Suites at 1127 N. Orlando Ave. and a 102-room Hilton Garden Inn hotel at 1345 Lee Rd., next to the Miller’s Ale House restaurant.