Cushman & Wakefield, as the exclusive advisor, has negotiated the sale of a newly completed, luxury multifamily asset in the Orlando area. The 338-unit, garden-style apartment community sold for $70.98 million, or $210,000 per unit. Executive Director Jay Ballard, Executive Director Ken Delvillar and Senior Financial Analyst Michael Mulkern, of Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented a joint-venture between DeBartolo Holdings and Encore Capital Management in the disposition. The buyer is Cortland Partners. DeBartolo and Encore completed the property in April 2019, and it is moving quickly through the lease-up phase. Previously called Haven at Reunion, Cortland has rebranded it as Cortland Reunion. The community is situated at 7995 Haven Way in Kissimmee, a vibrant suburban area located approximately 20 miles southwest of Orlando. The community is centrally located within Central Florida’s tourism district, about 15 minutes from the major attractions at Walt Disney World and Universal Orlando.
Cortland Reunion offers primarily one- and two-bedroom residences averaging 1,002 square feet. Community amenities include a large clubhouse featuring co-working space, a fitness center with Peloton bikes and an Aktiv Solutions training system, a pet spa, and a zero-entry resort-style pool as well as a lap pool with a sun shelf. Units feature stainless steel appliances, granite countertops, built-in custom closets, backlit vanity mirrors and Smart Home technology. Amazon Echo Dots, powered by Alexa, accompany built-in speakers and voice-controlled thermostats, lights and fans.
“This best-in-class garden apartment community is well positioned in the market and is leasing an average of 27 units per month, signaling strong demand for the institutional quality multifamily housing developed by DeBartolo and Encore funds,” said Ballard.
“This property is one of Central Florida’s premier multifamily communities,” said Edward Kobel, President and Chief Operating Officer of DeBartolo Development. “We recognized a rare opportunity for residents to live within close proximity of tourism-related employment without the hustle and bustle of a highly populated and trafficked area. The Central Florida multifamily sector continues to experience tremendous growth, and DeBartolo Development is interested in exploring additional opportunities like this one in the market.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Ballard, Delvillar and Mulkern, as well as Troy Ballard, Zachary Sackley, Calum Weaver, Neal Victor, James Quinn and Errol Blumer in South Florida; Luis Elorza, Brad Capas, Nicholas Meoli and Michael Donaldson in West Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
“Cortland Reunion presents a great opportunity for Cortland to continue to grow our presence in Central Florida, marking our eighth community in Orlando,” said Kyle Bateh, Cortland Investment Manager for Florida. “DeBartolo’s programing will complement the high standard for resident experience we strive to set. We’re excited to bring all that Cortland can offer to this newly built, Class-A community, and participate in the continued growth of Southwest Orlando.”
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