MIAMI—Elan Audubon Park, a 449-unit multifamily asset located in Orlando, had traded hands. The multifamily property traded for $97.1 million.
Berkadia secured $65.7 million in financing for the acquisition on behalf of borrower Harbor Group International. Berkadia South Florida senior managing director Charles Foschini, managing director Chris Apone and senior analyst Lourdes Carranza-Alvarez arranged the transaction.
Bank of America is the lender. The loan has a five-year term, with extension options, and carries a coupon of Libor, with an LTV of 66%.
“The homeownership rate is still at a multi-decade low both nationally and in the Orlando MSA, which favors the rental market in general,” Sheldon Granade, vice chairman, CBRE, tells GlobeSt.com. “Population in the MSA is expected to grow by 7.7% through 2021, providing a steady flow of potential new renters to the region while net migration trends also remain favorable.”
(Meet the new “Millennial Magnet” District. It's growing.)
Built in 2017, Elan Audubon Park is a gated-access multifamily community situated at 990 Warehouse Road within Orlando's Audubon Park neighborhood. Multifamily units feature vaulted ceilings, hardwood floors, and washer/dryer.
(TruAmerica recently made its third multifamily acquisition in this hot market. Get all the details.)
Multifamily community amenities include two-resort style pools, poolside bar with televisions, outdoor kitchens with gas grilling areas, outdoor fire pits, a two-story clubhouse, a two-story gym with stand-up, high-intensity tanning room, a stylish game room, and a bark park with dog wash station. Indoor bike storage and direct access garages are also available.
Located near a number of shopping, dining, and entertainment destinations, Elan Audubon Park is situated near Colonial Town Center and is minutes away from East Colonial Drive, North Mills Avenue, and Interstate 4. The multifamily community is also seven minutes away from Orlando Executive Airport, offering easy access to all forms of transit. The multifamily community offers direct access to Cady Way Trail & Lake Druid Park.
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