Newmark facilitated the $50,000,000 sale of Sawgrass Apartments, located at 2859 S Conway Road in Orlando.
The property was sold from PRG Real Estate to McKinley. Newmark’s Executive Managing Director Scott Ramey, Senior Managing Director Ryan Moody, Vice Chairman Patrick Dufour, Directors Brad Downing and Andrew Visnick and Associate Paul Grant were the sole brokers involved in the sale transaction.
“The Sawgrass community is a well-located lakeside asset that offers residents best-in-class amenities. It will be a great addition to McKinley’s portfolio of properties,” said Ramey. “The property has a great history of tenancy and offers ownership value-add options for them to continue to invest in the community and further its place as an in-demand destination for tenants in the Orlando area.”
PRG Real Estate infused nearly $2.5 million in capital improvements since acquiring the asset in 2008. The garden asset comprises two- and three-story residential buildings, united by the picturesque lake at the community’s central interior. The 208-unit community offers rentals ranging from 658-square-foot studios to 1,117-square-foot three-bedroom homes with private outdoor terraces. Select interiors are equipped with vaulted ceilings, wide plank oak-style flooring, stainless steel appliances, white European-style cabinetry, brushed nickel hardware, fireplaces and spacious outdoor storage.
Community amenities at the property include a private gated community, a lakeside dining area with gas grill stations and lounges, a brick sundeck and swimming pool, a state-of-the-art fitness center, a pet Bark Park, a car care center and electric vehicle charging stations, among others.
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