DeBartolo Taps Disney Magic with Latest Purchase

TAMPA, FL-Locally based DeBartolo Development LLC is looking for some of the magic of Walt Disney World to carry over to its latest acquisition. The company has purchased the 373-unit Mystic Pointe Apartments in Lake Buena Vista for $8.6 million, or $23,000 per unit.

DeBartolo, which is diversifying to more than retail development and investment lately, plans to put at least $10 million into rehabilitating the class B complex built in the mid-1990s. The all-cash deal was made with a lender that took over the property from its previous owner. Neither of those parties was named.

“It’s in a class A location, so we want to make it a class A product,” Ed Kobel, DeBartolo president and COO, tells GlobeSt.com. “For us in the apartment business, it’s important to have a jobs creator nearby because it helps keep your apartments full.”