Construction will commence in November 2021 and the property is expected to deliver in the fourth quarter of 2022.
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The Class A property near Disneyworld is the first multifamily acquisition for the company.
The sale was facilitated using the Ten-X auction platform and represented a joint-effort between Avison Young’s Orlando and South Florida offices.
The firm has already hired more than 50 new agents to serve the local market.
The transaction includes a $45.59 million senior loan and $14.75 million in preferred equity.
The three purchases, with a combined total of 568 lots, closed on Friday, Oct. 1.
The three recent acquisitions total just under $20 million dollars.
Lamar Companies in a venture with Real Capital Solutions acquired the 204,185-square-foot asset.
Avanti Way Capital, through the entity, Lake Mary Retail, LLC, purchased the 4.6-acre site from Miami-based real estate investment firm, Gallium Capital.
The sale price equates to more than $291,000 per unit.
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