May 12, 2017
Starwood Capital disposed of a portfolio of three multifamily communities in Florida, for a combined total of $153 million. The assets were acquired by Carroll Organization. JLL’s Jubeen Vaghefi and Denny St. Romain handled the transaction.
The portfolio includes the 447-unit Key Isle at Windermere in Ocoee, the 253-unit Tradition at Alafaya in Oviedo and the 272-unit Estates at Maitland Summit in Orlando. The portfolio has an average occupancy of 96%, and the properties are located 20 minutes from Orlando’s CBD.
JLL’s Vaghefi said, “Each of these properties is located in a high barrier-to-entry submarket, and boasts above-average occupancy. Investors were attracted to the quality of the assets and the opportunity to add value by bridging rent gaps at each property.”
For comments, questions or concerns, please contact Dennis Kaiser