2 High-Performance Assets Attract M-F Buyers
- Jun 19, 2015
Multi-family assets are clearly a hot commodity in Orlando these days, and word has arrived of two more properties that recently attracted new owners. The stabilized, well-performing communities, Marbella Lakes and Barrington Place Apartments, were 95 percent occupied at time of sale.
In late May, IMT Residential bought Marbella Lakes from Blue Rock Partners for $12.8 million and renamed it The Park at Savino. Located at 1980 Lake Fountain Drive in Orlando, the 200-unit gated community is adjacent to the Mall at Millenia and 10 minutes from the central business district. The Park at Savino was completed in 1985 and offers such amenities as a fitness center, laundry facility, clubhouse and resort-style swimming pool.
Also under new ownership is Barrington Place, a 233-unit rental community located at 2785 Chaddsford Circle in Oviedo, Financial terms and the buyer’s identity were not disclosed in the press release announcing the deal, which closed early this month. However, according to Yardi Matrix, Miami-based Pensam Capital acquired the property for $27.5 million. Equity Residential, the Chicago-based REIT, was the seller.
Barrington Place is located minutes from the Central Florida Research Park, Quadrangle Office Park, the University of Central Florida, Valencia College and Full Sail University. Built in 1998, the community offers a resort-style pool, a clubhouse, a fitness center, a business center, and private garages.
CBRE Group Inc. marketed the properties and represented the sellers in both transactions with a team led by Executive Vice President Shelton Granade, Senior Vice President Luke Wickham, and Assistant Justin Basquill of CBRE Capital Markets. Vice Chairman Robert Given was also involved in the negotiations for the Barrington Place Apartments sale.
Image source: Yardi Matrix