MIAMI—Advenir at Broadwater, a 408-unit suburban multifamily apartment community in Orlando, has traded hands. Emma Capital acquired the asset for $47 million.
Cushman & Wakefield senior directors Jay Ballard and Ken Delvillar represented Advenir in the disposition. This deal marks Emma Capital's first Central Florida acquisition.
“Advenir at Broadwater was an affordable alternative to the abundant pipeline of new multifamily construction in greater Orlando,” Ballard tells GlobeSt.com. “This is a value-add opportunity in a premium location, with excellent access to all that Orlando has to offer.”
Advenir at Broadwater is a 408-unit, two-story suburban garden multifamily community built in 1988 on 22.9 acres at 6677 Tanglewood Bay Drive in Orlando. The property is centrally located in the heart of Orlando's tourist and commercial corridor with visibility along International Drive and Westwood Boulevard.
The multifamily property gives residents easy access to Orlando's theme parks and Central Florida shopping destinations. Community amenities include two resort-style swimming pools and spas, a renovated clubhouse, a fitness center with free weights, a racquetball court, a business center, picnic areas, grilling station, Bark Park and on-site management.
Emma Capital assumed a Freddie Mac loan with six years remaining. The firm will continue to execute a value-add renovation program on approximately 50% of the non-upgraded units.
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