ORLANDO—Orlando's multifamily submarkets are heating up. The prestigious Winter Springs is the latest to turn investor heads.
Shadow Creek Apartments, a 280-unit, class A multifamily community there, just traded hands. The multifamily asset was 95% occupied at the time of the sale.
ARA Newmark executive managing directors Kevin Judd and Patrick Dufour, associate Scott Ramey, and vice chairmen Marc deBaptiste and Richard Donnellan represented the seller. The seller was undisclosed institutional firm.
“Shadow Creek has been institutionally owned for the last 10 years and with unit interiors still mostly original, the new owner has an excellent opportunity to complete a full interior renovation and significantly increase value,” Judd says. “There are limited opportunities to acquire early 2000s product in Orlando, and this sale is a great example of investors pursuing a quality asset in a strong location that has tremendous upside potential.”
Drawn to the property's upscale location, large unit sizes and top-of-the-market amenity package, Philadelphia-based Equus Capital Partners snapped up the multifamily property for an undisclosed price. Equus has about $4 billion in commercial real estate assets under management and about $3 billion in equity raised.
Shadow Creek is located just four miles west of State Road 417. This area maintains household incomes that are more than 26% higher than the overall MSA and a phenomenal public school system with all “A” rated schools.
Forbes magazine ranked Orlando as the “#1 City in the Country for Job Growth” in 2014. Shadow Creek's residents benefit directly from this through convenient access to all of the city's major employment centers, including the Lake Mary office submarket, University of Central Florida, (UCF), Downtown Orlando, and Lake Nona.
Constructed in 2000, the multifamily asset is next to a Wal-Mart Neighborhood Market, numerous restaurants and retails stores, including Publix, The Fresh Market, Panera Bread and Starbucks, Shadow Creek offers residents walkability in a suburban location. Shadow Creek also has some of the largest interiors in the submarket, with an average size of 1,120 square feet.
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