Affiliates of Toronto-based real estate investment firm Starlight U.S. Multifamily paid $63 million on Thursday for its fourth asset in the Greater Orlando market, buying the 315-unit Altis Sand Lake apartments in Dr. Phillips.
Located at 7118 Altis Way near Dr. Phillips, the Class A community covers 13.2 acres with 13 three-story garden style buildings. The property was built in 2015 and 2016, and occupancy was 93 percent at time of sale.
The property features amenities like a 24/7 fitness gym, gaming room, clubhouse with theater, free WiFi, a Starbucks lounge, kitchen, billiards table and flat screen TVs, business center, resort-style saltwater swimming pool, entertainment area with fire pit, outdoor kitchen with grills, pet park, community garden, playground, and 130 direct-entry garages.
Starlight U.S. Multifamily reported in mid-June that its (No. 1) Value-Add Fund had raised CA$ 86.1 million (US$66.28 million) in a completed public offering, which it would go on to use for the acquisition in Orlando, others in Phoenix and Round Rock, Texas.
The seller was an affiliate of developer The Altman Companies, which previously paid just over $5.3 million for the undeveloped land in March 2014. Altman Management Company was retained this week as property manager.
Altman's business model is that of a merchant builder, entitling land, designing, building and leasing up a property to 90 percent occupancy before sale. The company listed this asset in January with Patrick Dufour of ARA Newmark, and had the buyer selected in March, said Tim Peterson, chief investment officer for Altman.
Altman is looking for more land in Greater Orlando, typically targeting 10- to 15-acre sites for its garden-style multifamily, Peterson told GrowthSpotter on Friday.
The company has a property in Greater Orlando currently being evaluated for purchase with an LOI in place, he added, though declined to specify the size or location.
The buyers sourced a $40.95 million mortgage from Key Bank to help finance the acquisition.
Starlight U.S. Multifamily buys, owns and operates apartment properties through public, private and institutional vehicles, with a portfolio of more than 10,000 apartment units across the southern United States.
That portfolio now includes five properties in Florida, four of which are in Greater Orlando.
The company is a division of Toronto-based Starlight Investments, a full-service real estate investment and asset management firm that manages $7.5 billion in multifamiliy and commercial properties for joint venture partnerships with institutional investors, private investors and REITs.