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

A photo of the 291-unit Venetian Isle apartment community at 6506 San Francesco Way .
A photo of the 291-unit Venetian Isle apartment community at 6506 San Francesco Way . (Walker & Dunlop)

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.

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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.

Multifamily communities in Orange County and Seminole County traded in part of one of the nation’s largest apartment-portfolio sales since 2016.

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.

A photo of the pool amenity center at Zen Luxury Living Apartments at 9835 Namaste Loop.
A photo of the pool amenity center at Zen Luxury Living Apartments at 9835 Namaste Loop. (Walker & Dunlop)

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.

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.

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