Greystar Exits Core Plus Orlando Asset
ORLANDO—GrandeVille at River Place, a 280-unit, class A multifamily community in the UCF – Research Park Corridor of the Orlando MSA has traded hands. Financial terms of the deal were not disclosed.
ARA Newmark’s executive managing director Kevin Judd, associate Scott Ramey, executive managing director Patrick Dufour and vice chairmen Marc deBaptiste and Dick Donnellan represented the seller, Greystar, in the multifamily transaction. Greystar operates over 410,000 multifamily units in 130 markets across the United States, the United Kingdom, Mexico and the Netherlands.
“GrandeVille at River Place is a core plus asset with significant potential to increase rents through a proven value-add program,” says Judd. “Since acquiring the property in 2013, the seller has implemented an interior renovation program on a select number of units, which has been very well received. The new owner will have the opportunity to expand upon the proven value-add program and completely reposition the property through additional upgrades.”
GrandeVille sold to Los Angeles-based JRK Property Holdings, a company specializing in the ownership, management, leasing and redevelopment of properties in primary and secondary markets throughout the US. JRK’s investment capital is dedicated to a portfolio spanning 25 states with over 32,000 multifamily units, and luxury and flagged hotels. GrandeVille at River Place is the second multifamily asset in the Orlando MSA that JRK purchased in 2015.
“GrandeVille at River Place has performed exceptionally well over the last 12 months due to the property’s superb location immediately north of the University Central Florida and the Central Florida Research Park,” Ramey says. “The property also features the largest unit interiors in the submarket, with an average unit size of 1,219 square feet, providing a competitive advantage over other product in the submarket.”
Constructed in 2002, the property is located on Alafaya Trail (State Road 434), less than two miles north of UCF and three miles north of the Central Florida Research Park, which include more than 21,000 jobs combined. State Road 417 is less than four miles west of the property, providing residents with convenient access to the downtown Orlando CBD, Lake Nona, Lake Mary and all of Orlando’s major employment centers.
“As Central Florida has seen a flurry of activity this year, the job market continues to expand and unemployment rates are dropping,” C. Lawson Dann, senior vice president of Avison Young in Orlando, tells GlobeSt.com. “As a result, the capital and investment markets continue to look attractive to institutional and private investors driving the multifamily, retail, office and industrial sectors.”
Story Credit: Jennifer LeClaire, GlobeSt.com