Newmark announced the $44.95 million sale of Lake Vue at 7119 Sand Land Reserve Drive in Orlando.
The Class A, 192-unit property spans four floors over 188,316 square feet and was purchased by Nuveen Real Estate. The property is currently 95% occupied and offers new ownership the opportunity to implement an upgraded modern tech package featuring Nest thermostats, USB ports, vinyl flooring in the bedrooms, and upgraded lighting and plumbing fixtures. Newmark’s Senior Managing Director Scott Ramey, Vice Chairman Patrick Dufour and Associate Brad Downing represented the seller.
“The multifamily sector in Florida has been a major source of interest for potential investors as the area continues to grow and attract new talent,” said Ramey. “We believe that high-quality garden-style assets like Lake Vue continue to be an appealing option for interested buyers looking to expand their portfolio in the local market.”
“Lake Vue is an infill Class A apartment acquisition located in the Dr. Phillips – South Orlando area. The property offers mid-level rents in one of the fastest-growing markets in the Southeast region. We are looking forward to continue expanding our housing platform in the main Florida MSAs as part of our investment strategy,” said Carlos A. Burneo, Senior Director at Nuveen Real Estate and lead for Housing in Florida.
Lake Vue is a garden-style community built in 2015 that offers direct lakefront access on Big Sand Lake in Orlando’s prestigious Dr. Phillips area. The apartments feature modern interiors that include stainless steel appliances, under-mount stainless steel sinks, island kitchens, hardwood flooring, granite countertops, oversized closets, upgraded lighting packages, in-unit washer/dryers and private balconies. The community amenities for residents feature a resort-style pool, modern fitness center, lakeside dock with kayaks, billiards room, screened-in patio dining area, outdoor grilling area, coffee bar and stunning lake views.
In 2020, Orlando was ranked by Urban Land Institute as the “Top Buy Market” for multifamily assets. According to Newmark Research, since the onset of the COVID-19, multifamily investment sales volume has been trending upward. The sector’s quarter-over-quarter transaction volume rose 55.9% in 3Q20, which is the strongest sequential gain since 2011. Rent collections for multifamily continue to outperform other major property types, with 94.4% of rent payments collected in 3Q20.
Lake Vue’s location puts residents in proximity to some of Orlando’s premier shopping and entertainment venues. Notable areas include Downtown Orlando with Restaurant Row, Vineland Pointe, Orlando Vineland Premium Outlets, Disney Springs and the Mall at Millenia. The property is also near major area employers and attractions such as SeaWorld Orlando, Universal Orlando Resort, Universal’s Epic Universe Expansion, Walt Disney World, the Orange County Convention Center and the Orlando International Airport.
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