Waterton Residential Adds 384 Orlando Units Through its $500M Multifamily Investment Fund
- Nov 24, 2011
Waterton Residential recently announced its purchase of the Class A Verano apartment community in Kissimmee, Florida from developer Lane Company. The acquisition is part of Waterton Residential’s Property Venture XI, a $500 million discretionary multifamily investment fund—the underlying reason behind Waterton’s recent Florida buying streak.
Verano, the garden-style apartment community located close to the intersection of Florida’s Turnpike and US Highway 192/441—encompasses 16 wood-framed, stucco three-story residential buildings; the buildings contain five distinctive apartment types that incorporate a mix of 144 one-bedroom, 192 two-bedroom and 48 three-bedroom units. The units include 9-foot ceilings with ceiling fans, contemporary kitchens with ceramic tile, granite bar tops, maple cabinetry and flat-top ranges, walk-in closets, full size washers and dryers, garden tubs and ceramic tile in the baths.
Built in 2008, the Class A Verano community also features perimeter fencing with electronic gated access, a large lake with fountains, a resort-style pool and sundeck with an outdoor kitchen, a clubhouse with Wi-Fi access, a fitness center, an expansive playground and dog park, and a picnic area with barbeque grills, as well as both business and car care centers. Due to its amenities and carefully equipped units, Verano has been voted “Best of Osceola” by the readers of Osceola News Gazette.
“With Verano’s resort-class amenities, convenient proximity and access to the Turnpike and exciting nearby retail development under construction, we feel this community is extremely well positioned to provide residents with a tremendous quality of life,” said Maxwell Peek, senior vice president, acquisitions, Waterton Residential. The company did not disclose the financial terms of the deal, except for the financing, which was made through a Fannie Mae loan at a 65 percent loan-to-value.