Multi-Family Residential Developments

Luxury apartment community in College Park sells for $57M

A photo of The Princeton at College Park, a 206-unit apartment community, located at 646 W. Smith Street.

BET Investments, a company created by one of the original founders of the luxury homebuilding company, Toll Brothers, dropped a little more than $56.6 million for a Class A apartment complex in the heart of downtown College Park.

It’s the latest example that multifamily investment sales will continue in Central Florida, albeit at a slower pace, despite uncertainty caused by the coronavirus pandemic.


The Princeton at College Park is a 206-unit apartment community recently completed by RangeWater Real Estate, formerly Atlanta-based Pollack Shores. The deal breaks down to about $275,130 per unit.

The company rebranded late last year as a way to bring its development and investment firm and multifamily management division, Matrix Residential, under one name.


The Princeton at College Park community consist of a six-story multifamily building that encircles a resort-style pool and seven-story parking garage at 646 W. Smith Street.

Residents have access to a fitness center, business center and electronically controlled access and package services. The one-, two- and three-bedroom units feature fully-equipped kitchens, walk-in closets and balconies.

BET financed the acquisition with a $17.7 million loan from Capital One Bank.

In the last week, Blackstone Group paid $90.5 million to buy the Indigo West apartments in MetroWest. And earlier in the month, four multifamily communities transacted for a combined total of $216 million.

  • Bluerock Real Estate paid $67 million March for the 300-unit Integra Sunrise in Kissimmee’s Sunrise City
  • TruAmerica paid $44.1 million for a 272-unit apartment complex called Parke East Apartments in Orlando
  • Hercules Living paid $57.5 million for the 244-unit Courtney At Lake Shadow apartment complex at 545 S. Keller Road.
  • Lloyd Jones, a Miami-based real estate investment, development and management firm, paid $47.2 million for the 292-unit Avisa Lake Apartments at 7960 Pine Crossing Circle.

Shelton Granade, executive managing director of IPA, who was not involved in the deal, said investors still believe in Central Florida’s strong fundamentals and its more diversified economy. But some buyers are hitting the pause button.

“We’ve closed a couple of deals in the last few weeks, but those were mostly far along in the process,” Granade told GrowthSpotter.

In a flash call earlier this week by CBRE, Capital Markets-Multifamily President Brian McAuliffe noted that Orlando was one of four U.S. markets projected to be impacted significantly by the coronavirus pandemic. The others are Las Vegas, Phoenix, and Houston.

McAuliffe said those markets, and nationally, investment sales of apartment complexes have largely ground to a halt.


“I do not have a specific percentage for you,” he said. “However, I can tell you based on the responses from the professionals, the majority of pending transactions have either been cancelled repriced or delayed."

He said the sale transactions that have closed are dominated by private capital, including 1031 exchange buyers.

Granade said buyers who have already locked in their debt a few weeks ago at favorable rates will go forward with closings. But he expects to close only “a handful” of deals in the next few months.

That’s largely because travel restrictions are making it more difficult for buyers to conduct thorough due diligence. A recent survey by IPA, nearly 40 percent of investors said they had put all acquisition activity on hold, while more than half are delaying dispositions. And most said they would not close on an asset based on a virtual tour.

Granade said he’s advising clients who were getting ready to list their initial offerings to hold off for up to 90 days.

“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.”


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