ORLANDO—McCann Realty Partners has entered the Orlando multifamily scene with the acquisition of Vista at Lost Lake Apartments in the Clermont. McCann also snapped up an adjacent 16.4-acre parcel of land and plans to develop another multifamily complex with 192 units next year.
Built in 2007, Vista at Lost Lake is 276-unit, garden-style multifamily community in the Lake County submarket of Orlando. Pegasus Residential will manage the multifamily asset. The acquisition was funded in part by a seven-year Fannie Mae fixed rate loan with a rate of 3.54% originated by Beech Street Capital.
“This is our entry into the Orlando area,” Brand Inlow, McCann’s chief investment officer, tells GlobeSt.com. “McCann Realty Partners has been looking at a number of opportunities in Orlando for the last three years. This is the first deal that came together for us in terms of timing, opportunity and price.”
With its investment in Orlando, McCann is betting that rents will continue to grow for the next several years. The firm is actively looking to add more assets in Orlando as the market continues its recovery from what Inlow calls a “steep downturn” and low rents that muted the supply side.
“Clermont hasn’t had any new construction and this property has done well for the prior owners in terms of maintaining high occupancy and we expect that to continue,” Inlow says. “We saw a good opportunity to enter the market with the acquisition and add to our holdings with the development phase.”
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