Crest at Millenia Phase I is located at 5100 Millenia Waters Drive in Orlando's Millenia submarket. The multifamily asset sits next to The Mall of Millenia, which offers 1.1 million square feet of luxury retail space and attracts 10 million guests per year. The multifamily property offers fast access to Interstate 4 and Florida's Turnpike, as well as top area employers such as Universal Studios, Walt Disney World, Sea World, Darden Restaurants and Lockheed Martin.

This marks the end for CushWake on this project. Ballard and Delvillar worked with LMC through the development of Crest at Millenia. The team advised the developer in its 2014 purchase of the land for Crest at Millenia Phase I. In June 2015, the duo negotiated LMC's purchase of a neighboring 13.5-acre site for Crest at Millenia Phase II, a 272-unit multifamily community expected to come online later this year.

Orlando's luxury multifamily market is thriving. In August, two assets here traded for $71 million. You can review that deal here.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

ORLANDO—The first phase of Crest at Millenia, a 252-unit class A-plus multifamily community in Orlando, has traded hands. The sale price: $42.8 million.

Cushman & Wakefield executive director Jay Ballard and senior director Ken Delvillar of the firm's Capital Markets Multifamily Advisory Group represented Miami-based seller Lennar Multifamily Communities in the sale. Atlanta-based buyer Centennial Holding Company acquired the asset for $170,000 per unit.

“The first phase of Crest at Millenia generated tremendous interest from the investment community,” Ballard tells GlobeSt.com. “Investors continue to pursue premium assets offering a live-work-play lifestyle in markets with immediate access to recognized employers as well as high-end retail, dining and entertainment.”

Developed in 2016 on a 12.8-acre site, Crest at Millenia Phase I spans 241,206 square feet and offers eight multifamily buildings with an average unit size of 957 square feet. Hardwood-style flooring, granite countertops in kitchens and baths, stainless steel appliances, 42-inch designer custom cabinets, crown molding mark the interiors. The gated multifamily community has a resort-style saltwater pool with private cabanas, grilling courtyard, hammock grove, dog park, game room with billiard tables, bocce court, 24-hour fitness center, resident hub, extra storage and 358 parking spaces.

Crest at Millenia Phase I is located at 5100 Millenia Waters Drive in Orlando's Millenia submarket. The multifamily asset sits next to The Mall of Millenia, which offers 1.1 million square feet of luxury retail space and attracts 10 million guests per year. The multifamily property offers fast access to Interstate 4 and Florida's Turnpike, as well as top area employers such as Universal Studios, Walt Disney World, Sea World, Darden Restaurants and Lockheed Martin.

This marks the end for CushWake on this project. Ballard and Delvillar worked with LMC through the development of Crest at Millenia. The team advised the developer in its 2014 purchase of the land for Crest at Millenia Phase I. In June 2015, the duo negotiated LMC's purchase of a neighboring 13.5-acre site for Crest at Millenia Phase II, a 272-unit multifamily community expected to come online later this year.

Orlando's luxury multifamily market is thriving. In August, two assets here traded for $71 million. You can review that deal here.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.