ORLANDO-Boston-based TA Associates, a private equity firm, purchased The Estates at Park Avenue, a 432-unit, Class A garden and townhouse apartment complex in Orlando. The seller, an institutional fund advised by Prudential Real Estate Investors, sold the property for $43,250,000, or just over $100,000 per unit. The transaction closed on May 5th.
Prudential was a partner of Epic Properties, the developer of the project, says Kevin Judd, an Orlando-based principal at ARA, who was one of the brokers representing the seller. “This sale represents one of the few institutional quality, non-distressed properties to trade over the past 18 months,” he says.
The Estates of Park Avenue is located at 2801 Biltmore Park Drive within the master-planned MetroWest community, an 1800-acre $960 million mixed-use development which, 20 years after breaking ground, is approximately 95% built out. MetroWest is home to thousands of single family and multifamily dwellings, 750,000 square feet of retail space, 1.5 million square feet of office space and 590 acres set aside for golf courses, lakes and roads.
“The Estates at Park Avenue was the last rental project built within MetroWest,” says Judd. “This results in a significant barrier to entry for future competition in the immediate area,” he says.
Built in 2004, The Estates at Park Avenue units rent for about $1.10 per square foot, or roughly $1000 per month for a one-bedroom apartment today, says Judd.
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