Winter Garden Apartment Trades for $123.5M

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.

This is Ortsac’s first acquisition in the Central Florida market, Ramey also noted.

 A senior managing director with Newmark Multifamily Group, Ramey, along with Associates Brad Downing and Paul Grant represented the seller in the transaction. Newmark Executive Managing Directors Matthew Williams and Brian Kochan and Associate Director Kyle Schlitt of the firm’s Debt and Structured Finance team helped secure the acquisition financing from Nationwide Life Insurance Company. 

 “The Westerly is a great example of the explosive growth that is currently taking place in the Horizon West submarket in Orlando,” said Ramey.