The 13-acre Bella Vita Place apartment complex northwest of Orlando off Silver Star Road has sold for a recorded $21.6 million to an affiliate of Minneapolis-based Dominium Apartments.
The location's proximity to the growing suburb of Ocoee made the property attractive, said Luke Wickham of CBRE, who along with Shelton Granade and Justin Basquill represented seller Rivergate Companies.
Coconut Grove-based Rivergate sold the 192-unit complex at 2603 Silkwood Circle, having bought it in 2014 for a recorded $11.6 million. The apartments were built in 1996, and had sold in 2011 for a recorded $3.43 million.
"Everybody's extremely bullish about Orlando," Wickham told GrowthSpotter on Friday. "We're getting tons of people moving here into Orlando, and we've got tons of jobs -- we're growing both categories."
Among Dominium's other holdings in Metro Orlando are Landon Trace Townhomes east of Mall at Millenia, purchased in February 2016, and Aventura Apartments off North Orange Blossom Trail, purchased in October 2016. Both were renovated and renamed after being acquired.
A balloon mortgage in the amount of $23,280,000 was recorded with Bridgewater bank of Minnesota for the Bella Vita purchase.
Eighteen months ago, Rivergate sold the 392-unit Beacon Hill Apartments for $15.5 million to a California investor. At the time, an executive told GrowthSpotter that Rivergate had sold the property earlier than the five- to seven-year hold it had intended when purchasing it, but that market conditions drove the company to sell for a $6 million profit in less than three years' time.
Recent nearby activity includes plans for an apartment conversion of a 214-room Colonial Drive motel that already has residents, about 3 miles away.
Other recent out-of-state investor purchases of apartment properties in Orlando include:
- S2 Capital of Texas this month bought a portfolio of three properties east of the Millenia area with more than 1,600 units for a total of $124.5 million.
- Starwood Property Trust of Connecticut last month bought the 312-unit Sand Lake Pointe property for $33.4 million, the latest part of a $600 million portfolio sale that is heavy on Metro Orlando properties.
- Blackstone Group of New York in May bought the 396-unit Knightsbridge at Stoneybrook property in east Orange County for $60.88 million, part of a $279.7 million portfolio deal that includes four other properties.