Cores Management has acquired a 234-unit, garden-style apartment community in Orlando, FL for $63.5 million. Harbor Group Management was the seller of the property, called Linden on the GreeneWay.
Avison Young's Peter Sherman, Jay Maddox and Rosendo Caveiro represented Cores Management in the transaction and the company also arranged financing for it as well.
IPA represented seller.
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Linden on the GreeneWay is within the southeast Orlando market and is near Lake Nona's Medical City, Orlando International Airport, and the Hunters Creek area.
The market in general is a strong one for apartments, Caveiro said in prepared remarks, noting that it "is experiencing strong post-pandemic job and population growth which was attractive to our client."
Built in 2017 and situated on 11.73 acres, the property was 96% occupied at the close of escrow.
"We are excited to add this high-quality asset to our portfolio, enabling us to participate both in the "bounce back" in rents due to Covid, as well as future upside by making modest capital improvements," said Brenda Measamer, Vice President of Cores Management in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
