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Alabama investor pays $61.7M for newly completed apartment complex in Kissimmee

Alabama investor pays $61.7M for newly completed apartment complex in Kissimmee
An Alabama real estate company paid nearly $62 million for the Vernazza apartments, which were completed in 2018. (Newmark Knight Frank)

Birmingham-based EBSCO Income Properties made its Orlando market entry just before Labor Day with the $61.7 million acquisition of the 256-unit Vernazza apartments in Kissimmee’s Loop/Tupperware submarket.

Completed in 2018, Vernazza was the third multifamily community developed by Fore Property Company on land formerly owned by Tupperware. Fore will wrap construction this year at Monterosso, a 216-units community at the corner of Ball Park Road and Batts Street, adjacent to Vernazza. The company is also planning a 384-unit community called Parkway Crossings south of the Tupperware SunRail station.

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Newmark Knight Frank Senior Managing Director Scott Ramey, Vice Chairman Patrick Dufour and Executive Managing Director Kevin Judd represented the Fore Property in the sale to EBSCO.

“Osceola is one of the fastest growing counties in the country and Vernazza is ideally located off John Young Parkway in the heart of the Loop which will allow the next owner to capitalize on this explosive population growth,” Ramey said. “The property’s superior LEED Gold certified design, elevator serviced buildings with interior conditioned corridors and high-end finishes contributed to the property’s lease up success and caters to the growing number of white collar jobs that are coming into the immediate area.”

Vernazzo is a four-story community featuring 9-foot ceilings in all units, and contemporary finishes throughout. The amenity package includes an outdoor pavilion and lake views, a clubhouse, fitness center with a glass wall opening onto a yoga lawn. The pet-friendly community also has two dog parks.

The deal breaks down to about $241,000 per unit, representing the highest price paid for a multifamily community in Osceola County so far this year. In January, Bluerock Real Estate paid $211,038 per unit for The Gate apartments in downtown ChampionsGate.

The Ball Park Drive corridor has seen robust multifamily development, with more projects in the pipeline from Epoch Residential, Elevation Development and Ocean Bleu Group.

This is the second new-build apartment community in Florida EBSCO has purchased this year following the acquisition of Integra River Run in Jacksonville. Founded in 2007, the firm is a wholly-owned subsidiary of EBSCO Industries. The company sourced a $43.5 million loan from Berkadia.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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