Windermere Asset Garners Record PPU
- Aug 25, 2015
By Balazs Szekely, Associate Editor
A best-in-class apartment complex just fetched one of the highest prices per unit historically for market-rate apartments in Central Florida. Casa Mirella, a 276-unit apartment complex located in the Orlando submarket of Windermere sold for $50 million—the transaction value represents more than $181,000 per unit.
JLL’s Capital Markets facilitated the sale with a team led by International Director Jubeen Vaghefi, Managing Director Matt Wilcox and Managing Director Denny St. Romain. Raia Properties of Ramsey, NJ purchased the property. According to Yardi Matrix, the sale was subject to a $33 million loan held by New York Life Insurance Company, and Memphis, Tenn.-based Unicorp National Developments was the seller.
Constructed in two phases between 2014 and 2015, Casa Mirella offers close proximity to some of the most renowned residential real estate, retail venues and healthcare centers in Orlando. Six floor plan options are available at the community with up to three bedrooms and two baths, ranging from 986 to 1,751 square feet in size. Rents start at just under $1,000 for a studio and reach $1,635 in the case of the Almafi layout, according to the property manager, Fogelman Management Group.
Photo credit: Yardi Matrix