Toronto-based real estate investment firm Starlight U.S. Multifamily paid $75.3 million just before Thanksgiving for its fifth asset in the Greater Orlando market, buying the 356-unit Altis Shingle Creek apartments in Kissimmee.
This is the firm's third acquisition of an "Altis" branded property. All were built and sold by The Altman Companies, a Boca Raton-based developer of high-end apartment communities. The $211,517 price per unit reflects a 5.5-percent increase since the company bought Altis Sand Lake a little over a year ago.
Altman paid $3.7 million in 2016 for the 27-acre site on Osceola Parkway, just east of Storey Lake Resort and Sunrise City Center.
A typical Altis property includes luxury finishes, such as stainless steel applicances and quartz counters in the kitchen, marble bath vanities with vessel sinks. Each unit has a garage and private entrance.
The Shingle Creek community includes a dog park and pet salon, electric car charging stations and a salt water, heated pool with spa, private cabanas, oversize day-beds & Wi-Fi and an outdoor kitchen with grilling station and pizza oven.
Starlight U.S. Multifamily buys, owns and operates apartment properties through public, private and institutional vehicles, with a portfolio of more than 12,000 apartment units across the southern United States.
The company has $3 billion in assets under management among its 35 properties, including eight in Florida.
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.