In alignment with Avanath’s mission to acquire, own, renovate, and operate affordable and value-oriented communities, 131 of 266 units are designated affordable, with the property’s rent restrictions continuing until 2050.
It will be the first residential phase of a larger 200-acre mixed-use development.
Darron Kattan, Zachary Ames, Avery Jordan, Mark Savarese, Cary Brown and Cameron Wolfe of Franklin Street represented both the buyer, Topaz Capital Group, LLC, and the seller, Wells Boys & Girls Management.
Ken Delvillar led the JLL team that represented the seller, ApexOne Investment Partners, in the transaction. Melissa Marcolini Quinn and Lee Weaver led the JLL Capital Markets team arranging debt and equity financing totaling $65 million for the buyer.
A Kissimmee condo-hotel received $54 million loan and a Winter Garden multifamily development secured $55 million in financing.
Scott Ramey, Brad Downing and Paul Grant of Newmark represented the Boca Raton, Fla.-based seller in the transaction.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented both the seller and buyer in the transaction.
Kent Cooper, CCIM, a CFCAR past president, was awarded Deal of the Year and 17 other awards were presented.
EDEN plans to break ground in June 2022 and expects to complete the project in September 2023.
The Chatham Square acquisition brings the Partnership’s total investment into Florida over the past year to over $330,000,000 and 1,200 units.