So far this year, American Landmark has acquired more than $1.3 billion in apartment communities throughout the Sunbelt states of Texas, Florida, Georgia, and North and South Carolina, and has a significant presence in the Florida metros of Orlando, Tampa, Jacksonville and South Florida.
Blue Osceola Apartments, LLC, an affiliate of Miami-based Waterstone Capital, acquired the property from an undisclosed seller for $11.45 million.
The project will include 330 residential units, more than 15,000 square feet of commercial space and 145 boat slips, as well as dockside restaurants and a tiki bar.
Michael Regan, Francesco Carriera, Jeff Gray, and Chip Wooten with CBRE represented both the buyer and the seller in the transaction.
The Class A property near Disneyworld is the first multifamily acquisition for the company.
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 sale price equates to more than $291,000 per unit.
Newmark’s Senior Managing Director Scott Ramey and Associate Brad Downing represented the seller while Managing Directors Chris Caison and Josh Davis secured $48.1 million in bank financing for the transaction.
Avison Young Senior Vice President Rosendo Caveiro exclusively represented the European-based seller during the sale.
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