Newmark announced the sale and financing of The Summit at MetroWest, a 280-unit value-add garden asset located at 6500 W MetroWest Blvd in Orlando.
The Milestone Group sold the property to Taurus Investment Holdings for $59.5 million. 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.
“Summit at MetroWest is a prime example of the continued stability of the Orlando multifamily market, as the property maintained a robust occupancy and collection rate throughout all of COVID-19. Because of the historical strength of the property performance as well as the significant amount of capital that ownership spent during their hold, the new owner will be able to focus on additional interior upgrades and further reposition the asset,” said Ramey.
According to Newmark Research, rent collections averaged 94.2% nationwide for the first quarter of 2021 – a slight improvement from 94.0% in the fourth quarter of 2020. The majority of markets are now recording their highest collection rates in over a year. Markets hit hardest at the onset of the pandemic, such as New York and Orlando, saw a significant improvement compared to the prior trailing twelve months. Additionally, Orlando has added back 108,000 new jobs since May 2020.
“Orlando has been a strong multifamily market and Summit is ideally located to offer dynamic housing to all those moving into the booming Central Florida market,” said Peter A. Merrigan, CEO of Taurus Investment Holdings. “Operating in Orlando for over two decades, this acquisition further demonstrates our commitment to offering high-quality housing while expanding our portfolio in the region.”
Built in 1991, the luxury two- and three- story property features 8’ ceilings on the first and second floors and vaulted ceilings on the top floors. Current ownership has spent over $4.5 million on capital improvements since 2015, including renovating apartment interiors with quartz countertops, vinyl plank flooring, re-faced and re-painted cabinetry, tile backsplash and upgraded lighting and plumbing fixtures. New ownership will have the opportunity to continue the value-add improvements project by upgrading the rest of the asset’s units. Community amenities include a covered poolside gazebo, 24-hour fitness center, resident tech lounge with coffee bar, dog park, playground, poolside charcoal grilling area with picnic area, clubhouse and car wash station.
The Summit at MetroWest is located within the MetroWest office market, surrounded by diverse shopping and entertainment, healthcare facilities, and Orlando’s largest employers. The property offers convenient access to downtown Orlando, Universal Resorts, Walt Disney World, SeaWorld, Orlando Health Central Hospital, Orange County Convention Center, Mall at Millenia, and Disney Springs.
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