C&W Handles Major Multifamily Deal in Orlando
- Jul 05, 2016
Orlando—Cushman & Wakefield has negotiated the sale of Integra Cove, a 338-unit luxury multifamily community in Orlando, for $60.4 million, or $179,000 per unit. New York City-based national real estate investment firm Praedium Group was the buyer. The seller, a joint venture between Panther Properties and Integra Land Co., was represented by Cushman & Wakefield’s Senior Director Ken Delvillar and Executive Director Jay Ballard.
Built in 2016, Integra Cove is a gated community consisting of 338 units in 13 buildings spread across 14.5 acres. The property offers 17 unique floor plans averaging 960 square feet, with above average ceiling-height, wood plank flooring, granite kitchen countertops, stainless steel appliances, screened patios and balconies, crown molding, vaulted ceilings and a washer and dryer. Community amenities include swimming pool with poolside grilling station, a wireless café with Mac and PC workstations, a 24-hour fitness center, dog park, an auto detailing station and electric car charging stations, as well as 623 parking spaces. According to Yardi Matrix, rents average approximately 1,447 per month.
Located at 6801 Integra Cove Blvd., the community provides convenient access to many of Orlando’s major employers, retailers, retaurants, venues and thoroughfares. The property’s location along Interstate 4, at the intersection of Central Florida Parkway and Westwood Boulevard, is within walking distance of Sea World and less than 10 minutes from Walt Disney World, Universal Studios and the Orange County Convention Center.
“Integra Cove offered investors the unique opportunity to acquire a new-construction, Class A multifamily asset in one of the most dynamic tourist commercial corridors in the nation,” Delvillar said in prepared remarks.
Photo courtesy of Yardi Matrix