CBRE Global Investors drops $160M for two Unicorp rental projects near Disney

CBRE Global Investors, the real estate investment arm of commercial brokerage CBRE, just paid $160 million for two rental projects near the Disney attractions.

Orlando-based Unicorp National Developments sold the 291-unit Venetian Isle multifamily community and the 55-unit Venetian Isle rental townhome community in Windermere for $92 million.

Additionally, the company sold its 258-unit Zen Luxury Living apartment complex across from Disney’s Golden Oak residential community for $68 million, as part of the $160 million deal.

CBRE Global purchased the properties through its open-ended core US property fund, CBRE US Core Partners.

Unicorp’s president and founder, Chuck Whittall, told GrowthSpotter he worked with broker Jubeen Vaghefi with Walker & Dunlop to close the transaction.

“I initially didn’t intend on selling the properties,” Whittall said. “Our broker asked me if I would consider it for the right price, and [the buyer] made a really good offer.”

The two rental communities were built between 2016 and 2017. Whittall said each sold over 95 percent occupied.

Unicorp is behind several large-scale projects throughout the United States. In Orlando, it’s in the midst of developing a 200-acre mixed-use project called O-Town West.

CBRE Global has $106 billion in assets under management, according to its website.

The deal between the two parties adds to a growing lists of multifamily portfolio sales taking place throughout greater Orlando.

Earlier this year, affiliates of Harbor Group International paid about $142 million for a 372-unit apartment community in Orange County and a 368-unit apartment community in Seminole County. The properties were part of a larger $1.85 billion portfolio deal between Los Angeles-based Aragon Holdings and HGI.

In December, New York-based Blackstone Group paid $152.3 million for two multifamily properties in Orange County, totaling more than 700 units.

Similar to CBRE Global, Blackstone acquired those assets through its core-plus investment fund, which targets substantially stabilized real estate through regional open-ended funds.

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