Ortsac Capital Group has acquired a 352-unit multifamily property in Winter Garden, FL, for $123.5 million. The sellers of the garden-style community, called The Westerly, are Fore Property and PCCP and the sale and $71 million financing was arranged by Newmark.
The Westerly was built in 2021 with six, four-story, buildings that feature several amenities and overlook Lake Britt. The property averaged 45 move-ins per month, achieving stabilization in less than eight months, according to Newmark's Scott Ramey. He added that there has been 20% rent growth on the property's recent leases.
Orlando's year-over-year rent growth as of the second quarter of 2021 was 7.9%, according to Newmark Research.
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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.
