Davenport Class A Multifamily Community Sells for $100M in Joint Venture
Middleburg Communities and Stockbridge teamed up to buy the 300-unit development.
A Class A multifamily community in an Orlando submarket has sold for $100.5 million.
The purchase is a joint venture between Middleburg Communities, a multifamily development and investment company, and Stockbridge, a private equity real estate investment development firm. The property, Indigo Champions Ridge is a 300-unit multifamily community in Davenport, considered one of the fastest-growing metropolitan statistical areas in the country.
Adam Bieber of Bellwether Enterprise, headquartered in Cleveland, facilitated the joint venture and the financing for the deal which was provided by Synovus Bank, headquartered in Georgia.
Middleburg is expected to take over the management, operations and leasing responsibilities on the property.
The new residence, located at 1005 Champions Ridge Drive was completed in 2022 and spans 17 acres. The community has three, 10-story residential builts with one to three-bedroom units. Each unit has 10-inch ceilings, oversized closets, plank flooring, granite countertops, and a full-size washer and dryer to name a few. Other amenities include a resort-style swimming pool, yoga lawn, and fitness center.
Chris Finlay, CEO of Middleburg Communities, says he’s excited about entering the Orlando market.
“We leveraged our proprietary data, research, and analytics platform to study the market and are very bullish on its long-term fundamentals,” said Finlay in a press release. “We look forward to utilizing our proven operating platform to unlock value for our investors and deliver an exceptional living experience for our residents.”
The community is less than an hour from both Tampa and downtown Orlando and Lakeland with easy access to Ronald Reagan Parkway and the US-27 logistics corridor. In addition, residents at Indigo Champions Ridge will be able to easily commute to popular retail, dining, and entertainment destinations as well as work locations like UPS, CVS, Walmart, and Amazon. The property is also only 15 minutes from Disney World and Universal Orlando.