Brand New Lux Multifamily Sells for $60M

“Integra Cove offered investors the unique opportunity to acquire a new-construction, class A multifamily asset in one of the most dynamic tourist commercial corridors in the nation.”

ORLANDO—Integra Cove, a 338-unit luxury multifamily community in Orlando, just traded hands. The sale price: $60.4 million, or $178,698 per unit. Cushman & Wakefield senior director Ken Delvalle and executive director Jay Ballard represented a joint venture of Boston-based Panther Properties and Orlando-based Integra Land Company the sale. New York-based Premium Group acquired the multifamily asset. “Integra Cove offered investors the unique opportunity to acquire a new-construction, class A multifamily asset in one of the most dynamic tourist commercial corridors in the nation,” Delvalle tells GlobeSt.com. “There’s nothing else in the submarket that offers comparable visibility, location, finishes or amenities.” Built in 2016, Integra Cove has 338 units in 13 buildings. The community offers 17 floor plans averaging 960 square feet. Units offer wood plank flooring, granite kitchen countertops, stainless steel appliances, screened patios and balconies, crown molding, vaulted ceilings and a washer and dryer. The gated community’s amenities include a zero-entry salt water pool, a poolside grilling station, a wireless café with Mac and PC workstations, a 24-hour fitness studio with a Cross Fit box, a bark park, a pet spa, an auto detailing station, electric car charging stations and elevator access. Integra Cove was developed on a 14.5-acre site at 6801 Integra Cove Boulevard along Interstate 4 at the intersection of Central Florida Parkway and Westwood Boulevard. That’s near and many of Orlando’s major employers, retailers, eateries, venues and thoroughfares, within walking distance of Sea World, and less than 10 minutes from Walt Disney World, Universal Studios and the Orange County Convention Center. Greystone and RADCO are also active in Orlando’s multifamily market. Greystone just provided a $14 million loan to finance a big multifamily acquisition in Orlando. Cadence Crossings has secured a 15-year fixed rate Fannie Mae Delegated Underwriting and Servicing loan to finance the 184-unit apartment buy. Meanwhile, RADCO Companies just made its first multifamily purchase in the Orlando MSA . RADCO CEO Norman Radow tells GlobeSt.com his firm will keep looking for value-added investments in the area.