Tampa's Robbins Property pays $55.65M for apartments near Orlando airport

Tampa-based multifamily owner-operators Robbins Property Associates added to its fast-growing Orlando-area portfolio this week with the acquisition of Art Avenue Apartments in southeast Orlando.

Robbins paid $55.65 million for the 300-unit complex, which was completed in 2014. It sits on 16 acres at the northeast corner of Lee Vista Boulevard and South Econlockhatchee Trail, just west of the S.R. 417 interchange. 

The seller was an affiliate of Boston-based Colony Realty Partners, which previously paid $47 million in 2015 to buy the newly completed asset from the original developer. 

CBRE Orlando's Shelton Granade, Luke Wickham and Justin Basquill brokered the sale. The buyer sourced a $40 million loan from Berkadia Commercial Mortgage.

Founded by brothers Steve and Mitchell Robbins, the firm now holds properties in Orlando, Altamonte Springs, Winter Park and Winter Haven within the Greater Orlando region. The Art Avenue deal was their third acquisition in the last five months.  

Officials with the company did not respond to requests for comment on Friday.

Robbins currently owns more than 12,000 multifamily units located in Florida, Maryland, North Carolina and Texas, according to their website. Since 2009 the company has managed over 23,000 units in 67 communities.

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