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Multi-Family Residential Developments

Walt Disney Parks & Resorts sells Vista Way apartment complex for $90M

The 468-unit Vista Way apartment community formerly served as housing for Disney's cast members and service employees.

The former living quarters of Walt Disney World cast members and service employees were just sold off to Denver, Colorado-based real estate investment firm, Grand Peaks.

Michael Sommers, senior vice president at Grand Peaks, told GrowthSpotter the firm plans to update interiors and open the community to residents sometime this summer. The company has already renamed the rental property to Emerald Grove Apartments.

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Back in the day, Walt Disney World used the Vista Way apartment community at 13501 Meadow Creek Dr. as housing for various members of its workforce, typically entertainers and cast members.

Before the sale, the entertainment conglomerate transitioned its inhabitants to a newer living apartment community in its Flamingo Crossings development, leaving the Vista Way complex, built in 1990, empty.

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According to a recently recorded deed in Orange County, Grand Peaks dropped $90 million for the garden-style apartment complex near Orlando’s theme parks and resorts. The deal for the 468-unit complex breaks down to about $192,300 per apartment.

Records show Grand Peaks used the company GPAI GROVES LLC to purchase the property. No mortgage was recorded in Orange County, meaning the company may have made an all-cash offer to acquire the complex.

Frank Carriera, Chip Wooten, Michael Regan and Jeff Gray with CBRE brokered the deal.

About 75% of the 468 units at Vista Way feature three-bedroom floor plans, while the remainder features two-bedroom floorplans. Amenities include two resort-style pools, two clubhouses, and a state-of-the-art fitness center. According to online marketing material, Walt Disney World Parks & Resorts Inc. improved the buildings’ roofs in 2015.

“We think it really serves a great need for families in the community who may not be able to buy a house right away,” Sommers said.

CBRE marketing material states the new owner of the property would be able to immediately begin renovating apartments because it’s currently unoccupied.

“Vista Way will benefit immensely from an interior value-add strategy to compete with nearby properties and improvements to the property exterior,” the online marketing website states.

The real estate company specializes in acquiring, developing, redeveloping, and managing multifamily apartments in core markets throughout the United States, including Seattle, Portland, Denver, Dallas, Fort Worth, Miami and Fort Lauderdale.

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EDITOR’S NOTE: This story has been updated to include comments for the buyer.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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