Passco Buys Healthcare-Anchored Upscale Community for $53M

Proximity to the country's second largest hospital is a considerable advantage for The Ivy, a 248-unit apartment community at 2650 Dade Ave. in Orlando.

Orlando, Fla.–A healthcare-anchored multifamily community in Orlando was recently acquired by Passco Cos. The company paid $53.5 million for the newly constructed asset, which is positioned in a strong area of the Orlando market. Currently undergoing substantial growth in terms of real estate, as well as in terms of employment, Orlando continues to grow its economic cornerstones of hospitality and healthcare. This has prompted investors to accelerate their activity in the metro, leading to very high transaction volumes.

The Ivy

The Ivy

Known as The Ivy, the upscale apartment community consists of 248 residential units. The property is located at 2650 Dade Ave., along the I-4 Corridor. A transit-oriented community, The Ivy boasts proximity to the Florida Hospital Health Village, the country’s second largest hospital that features more than 10,000 healthcare jobs. The area also offers residents access to a good transit network. With the expansion of the I-4 now put in place, The Ivy may very well benefit from the expansion of transit in metro Orlando, where roughly $8 billion in investment is being made.

Developed by Wood Partners in 2015, The Ivy offers residents an amenity package that features multi-level pool decks with a resort-style swimming pool, a modern gym and yoga studio. According to real estate data provider Yardi Matrix, the property currently operates at 96 percent occupancy, with an average rent of $1,621.

Image courtesy of Yardi Matrix.