An affiliate of global investment group TH Real Estate paid more than $41.8 million last week for the Orion on Orpington student apartments near the University of Central Florida.
Located at 12700 Orpington St. directly south of Central Florida Research Park, the 21-acre property has 13 three-story apartment buildings dating to 2007, with 156 units and a total 624 bedrooms that are rented individually.
The sale closed on Sept. 21, and was recorded Tuesday in Orange County. The seller was an investment vehicle managed by New York-based Investcorp, which previously paid $29.2 million for the property in October 2014.
The apartment complex features furnished bedrooms with private bathrooms bathrooms, and amenities that include a game room with billiards, stand-up tanning bed, lighted sand volleyball and basketball courts, and regular resident social events.
The buyer is an LLC affiliate of TH Real Estate, which is an investment affiliate of Nuveen, itself the investment management arm of TIAA.
TH Real Estate was created in 2014 when TIAA (then TIAA-CREF, the Teachers Insurance and Annuity Association) and Henderson Global Investors formed a joint venture between their real estate operations.
TH Real Estate is building up its Florida asset portfolio after opening a Miami office in January.
Earlier this month it paid $54 million for two South Florida industrial properties in Broward County, and in April bought a 203,000-square-foot retail center in Palm Beach Gardens. In Orlando, it's most notable asset is a 50 percent stake in The Florida Mall, held in a JV with Simon Property Group.
TH Real Estate now has $7 billion in assets under management in Florida, and six assets totaling $2.3 billion in value in Greater Orlando, per a company spokeswoman.
Existing property managerPreiss has been retained by TH Real Estate to stay on at the apartment complex.