ORLANDO—Integra Village at Lake Forest, a newly-constructed 209-unit class A multifamily community in the Orlando community of Sanford, FL, has traded hands. The sale price: $33.5 million, or $160,287 per unit.
Cushman & Wakefield executive director Jay Ballard and senior director Ken Delvillar represented the seller Panther Sanford/Villages, in the deal. Ballard and Delvillar also assisted Panther selling Orlando's Venue Apartments and Lakeland's Victoria Manor Apartments in 2014.
“Orlando's exceptional job growth and further increases in population over the past six months continue to fuel renter demand,” Ballard tells GlobeSt.com. “This will accelerate in the near term as the local and national economy kicks into higher gear.”
Bell Partners, which will rebrand the community as Bell Lake Forest, acquired the multifamily asset. With this multifamily acquisition, Bell adds to its Orlando portfolio, which includes Bell Timacuan, Alta Corners, and Bell at Universal.
Built in 2015, Integra Village is a 202,018-square-foot community built on 7.43 acres at 101 Integra Village Trail. The three-story, garden-style multifamily community is home to four buildings with one-, two-, and three-bedroom units. Residents have access to a community fitness center, business center, clubhouse, salt water swimming pool, and dog park.
Cushman & Wakefield Research indicates that the Orlando MSA remains a target market for investors with demand being driven by a thriving economy. Ballard says this will drive both occupancy rates and rents moderately higher.
“For some investors, there remains potential upside on revenue streams,” says Ballard. “Ultimately, solid fundamentals in Orlando's economy, coupled with sturdy investor demand for Central Florida should boost investment activity through the first half of 2016.”
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