Elandis Shells Out $127M For Six Multifams In Orlando, Daytona Beach
The acquisition totals 1,242 units.
The acquisition totals 1,242 units.
The Land Advisors Organization’s Orlando office team of Mike Ripley and Steve Flanagan, acting as transaction brokers, arranged the sale.
Managing Directors Brett Moss and Matt Wilcox and Associate Director Tyler Swidler of Berkadia Orlando marketed the property on behalf of the seller, Wood Partners, one of the nation’s largest multifamily real estate developers, based in Atlanta, Ga.
Matt Williams and Kyle Schlitt of Newmark arranged the loan on behalf of TerraCap.
The purchase price equates to $462 per square foot.
The asset totals 348,801 square feet and features a mix of studio, one-, two-, and three-bedroom units with an average unit size of 991 square feet.
Cushman & Wakefield’s Mike Donaldson and Nick Meoli represented the seller in the transaction.
PPF Real Estate acquired the 10-building suburban office park for $315 million.
The asset contains a diverse mix of national, regional and local tenants, with its national tenants representing 61 percent of its revenue.
The proposed project include three buildings on vacant land on 234 acres at 4670 W. Orange Blossom Trail.
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