Avison Young Completes $63.5 Million Acquisition Of 234-Unit Apartment Property In Orlando
Avison Young Capital Markets Principals Peter Sherman and Jay Maddox and Senior Vice President Rosendo Caveiro brokered the $63.5 million acquisition of Linden on the GreeneWay, a garden-style, 234-unit apartment community located at 13000 Breaking Dawn Drive in Orlando.
Avison Young also assisted in arranging financing on behalf of the buyer, Beverly Hills, California-based Cores Management, Inc.
“We always strive to take a holistic view of our clients’ strategic needs,” said Sherman, who leads the firm’s Multifamily Capital Markets Group on a national basis. “Faced with a highly competitive market for institutional-quality multifamily assets, we were able to achieve an optimal result for our client who desired a timely closing while employing strict equity requirements.”
Linden on the GreeneWay is within the southeast Orlando market near Lake Nona’s esteemed Medical City, Orlando International Airport, and the Hunters Creek area. The location provides easy access to greater Orlando via State Road 417 and Florida’s Turnpike.
“Orlando continues to be one of the nation’s top rental markets and is experiencing strong post-pandemic job and population growth which was attractive to our client,” said Caveiro.
Built in 2017 and situated on 11.73 acres, the property was 96% occupied at the close of escrow. It features a resort-style swimming pool, two-story clubhouse with fitness center and modern resident lounge, large pet park, and outdoor covered seating with fireplace. The spacious unit interiors which include studios to three-bedroom units offer nine-foot ceilings, full-size washers/dryers, private patios/balconies, and high-end finishes.
“We are excited to add this high-quality asset to our portfolio, enabling us to participate both in the ‘bounce back’ in rents due to Covid, as well as future upside by making modest capital improvements,” said Hart Cohen, President of Cores Management. “The Avison Young team, time and again, continues to do an outstanding job in an extremely competitive marketplace.”
IPA represented seller, Norfolk, Virginia-based Harbor Group Management.
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