Beachwold Residential LLC has received an acquisition loan to fund the purchase of an Orlando apartment community, Avisa Lakes.
The five-year loan is through Freddie Mac and is being serviced by JLL, which closed the $50 million sale and $35 million in financing.
Avisa Lakes sits on 22.4 acres and is located at 7960 Pine Crossing Circle. The garden-style community offers 16 residential buildings with 292 units, as options range from one-to-two bedrooms, averaging out to 850 square feet a piece. Amenities included are a playground, a pool, a game room, a fitness center, a business center, a couple of dog parks, a clubhouse, and a soccer court. The community is 96 percent leased.
The multi-housing property is within proximity to multiple schools such as the University of Central Florida, Valencia College East Campus, and Full Sail University. Plus, major employers including Central Florida Research Park, and Orlando’s Central Business District are 10 minutes away.
“Avisa Lakes benefits from a strategic location near many of the area’s local employers, including office, healthcare and higher education,” Kyle Butler, director of JLL’s Orlando office, said in a statement.
“Only three apartment communities have been delivered in the immediate area since 2006 making Avisa Lakes poised to capture strong future demand, especially in light of any future improvements made to the property.”
For many, Florida is an attractive place to live thanks to its warm climate and no state income tax policy. In a recent survey from Clever Real Estate, Orlando ranked as the third most desirable place to live, while Tampa Bay topped the list. Also, apartment demand in The Sunshine State rose by nearly 700 percent year-over-year in the second quarter.
In addition to Florida, Beachwold operates more than 16,000 multi-family units in Connecticut, New Jersey, Georgia, Texas, Virginia, and Tennessee.