CBRE Investment Management Closes $74.6 Million Mortgage Loan For Multifamily Community
Matt Williams and Kyle Schlitt of Newmark arranged the loan on behalf of TerraCap.
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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.
Avison Young also assisted in arranging financing on behalf of the buyer, Beverly Hills, California-based Cores Management, Inc.
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.
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