UPDATED: NOVEMBER 27, 2017 10:15 AM — An affiliate of Chicago-based multifamily investors Redwood Capital Group paid $102 million last week for the 663-unit Arbors at Maitland Summit apartments, its third asset in the Greater Orlando market.
Located at 8427 Milano Dr. in northwest Maitland, the 37.77-acre property features 26 garden-style, three-story buildings dating to 1995 through 1998. A wide range of amenities include aerobic studio with classes, community clubhouse with fitness and business centers, gated entrance, private sunbathing decks, raquetball courts, sand volleyball, tennis courts, three swimming pools and a tot lot.
The sale closed Nov. 21 and was recorded Monday morning in Orange County, with the price reflecting a value of $153,846 per unit.
The buyer entity, which was named as a joint venture but only ties back to Redwood executives in Chicago, sourced a $61.2 million loan fromMetLife Insurance Company.
Redwood Capital is a fully integrated multifamily owner-operator with roughly 11,000 units across the country, per its website. Orlando is one of 10 focal markets it lists for core-plus and value-add investment in Sunbelt and Midwestern states.
This latest acquisition should bring its holdings in Greater Orlando to 1,183 units across three properties, per its website.
Officials with Redwood Capital did not respond to requests for comment on Monday.
The seller was Maitland Summit LTD, a limited partnership managed by Boston-based TA Realty.
The property was assembled and developed between 1995 and 1997 by an affiliate of multifamily developer ZOM Living. It was managed by ZOM affiliate ZRS Managementfor 22 years, but Redwood's management affiliate took over last week.