By: Mary Shanklin
May 9, 2016
Out-of-state investment groups continued their interest in Orlando’s multi-family housing with recent purchases that include:
•A year after it was completed, The Ivy apartments across from Florida Hospital on North Orange Avenue in Orlando sold for $53.5 million. Passco Companies LLCpurchased the 248-unit property that was developed by Atlanta-based Wood Partners. Wood will continue to manage the complex. Shelton Granade, vice chairman at CBRE, represented Passco and the seller. Chris Black, of KeyBank Real Estate Capital‘s commercial mortgage group, arranged financing through Fannie Mae.
•Lloyd Jones Capital, based in Miami, purchased Pendleton Park Apartment Villas and Carlyle Court Apartment Homes for $24.6 million. The acquisitions, next to each other on Curry Ford Road in Orlando, add 310 units to the multi-family group’s portfolio.
•A Nashville group, Southeast Orlando Multifamily Partners LLC, purchased Country Place Apartments with 200 units on Bumby Avenue in Orlando for $13.4 million from Michigan Land Trust.
The ARA Newmark team of Kevin Judd, Scott Ramey, Patrick Dufour, Richard Donnellan and Marc deBaptiste represented the seller, an affiliate of LeCesse Development Corporation.
•A Virginia-based group purchased Tuskawilla Park Apartments in Winter Springs for $6.9 million from Pathfinder Landology ISIS Holdings LLC. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services represented the sellers of the 41-unit midrise built in 2009 at 154 Tuskawilla Road.
Lab Animal Supplies Inc., based in Texas, leased 7,200 square feet of industrial space at Airport Commerce Center, 8249 Parkline Blvd, Orlando. George Livingston and Drew Saphos, both of NAI Realvest, represented the tenant. The landlord, Buckhead-Airport Commerce Center LLC of Orlando, was represented by Jared Bonshire of Cushman & Wakefield of Florida Inc. …
Carroll Bradford Land Management Group Inc. is expanding with a lease of 3,750 square feet and relocation within Hanging Moss CommerCenter. Michael Heidrich and Patty Nolff at NAI Realvest represented the landlord. Todd Davis of Colliers International represented the tenant in the transaction.
Longwood-based Comprehensive Energy Services Inc. started $7 million of heating, ventilation, air conditioning, plumbing and special-effects work at six new Orlando-area projects. In addition to three theme-park-related projects, the work includes: the Florida Advanced Manufacturing Research Center, 200 Semoran Farms Road, Kissimmee, for Skanska USA Building; Orlando Health Arnold Palmer Hospital‘s first- and second-floor rooms, for R.C. Stevens Construction Co.; and Sanford Burnham Prebys Medical Discovery Institute’s heating and cooling systems, 6400 Sanger Road, Orlando, for McCree General Contractor.