July 8, 2019
Newmark Knight Frank (NKF) has arranged the sale of Park 9, a 356-unit garden-style apartment community in Orlando. Built in 1998, the property is currently 92% occupied and is located nearby the University of Central Florida. Amenities at the community include a resort-style pool, fitness center, clubhouse and business center.
Scott Ramey and Kevin Judd of NKF represented the seller, Venterra Realty, in the transaction. The buyer was Priderock. Additionally, NKF’s Multifamily Capital Markets team secured acquisition financing for the buyer through an undisclosed lender.
“The East Orlando submarket has experienced a tremendous amount of growth since this asset was acquired by Venterra in 2014,” said Ramey. “The University of Central Florida, which has over 65,000 students enrolled, is now one of the largest public universities in the country and the adjacent Central Florida Research Park provides a diverse amount of tech and defense contracting jobs. These unique employment centers will continue to drive demand for quality rental housing options in this location for years to come.”