“New ownership will be able to capitalize on its location in one of Orlando’s top submarkets through a continued capital improvement campaign ..." “New ownership will be able to capitalize on its location in one of Orlando’s top submarkets through a continued capital improvement campaign …”

ORLANDO—The Element at MetroWest, a 301-unit class A fractured condominium community in Orlando, has traded hands. The sale price: $34.9 million, or $115,947 per unit.

The Cushman & Wakefield multifamily brokerage team of executive director Jay Ballard and senior director Ken Delvillar represented a joint venture of Miami-based TM Real Estate Group and Calgary-based Optimus US Real Estate Fund in the sale. New York-based Phoenix Realty Group (PRG) acquired the multifamily asset.

“The Element at MetroWest was one of the few remaining fractured condo assets in Central Florida and provided investors with an incredible value-add opportunity,” Ballard tells GlobeSt.com. “New ownership will be able to capitalize on its location in one of Orlando’s top submarkets through a continued capital improvement campaign on unit interiors and amenities, which should result in substantial rent increases.”

A Cushman & Wakefield Equity, Debt and Structured Finance team of managing director John Alascio, senior managing director Michael Ryan, senior director Jeff Walker, director Sridhar Vankayala, and analyst Andre Hass arranged $26.25 million loan against the asset. Capitol One provided the fixed-rate Fannie Mae acquisition financing.

“There was strong interest from both the agencies and traditional lenders given the strong sponsorship and high-quality nature of the asset,” Alascio tells GlobeSt.com. “Capital One understood our client’s needs and was able to provide a seamless execution in an expedited timeframe.”

Built in 1996, The Element at MetroWest is a gated fractured condominium complex built in in Orlando’s MetroWest master-planned community. The address is 2207 Lake Debra Drive. Vankayala tells GlobeSt.com, “The property’s strong cash flow coupled with its upside potential in the hands of an experienced, proven sponsor, made the transaction attractive to lenders.”

Nineteen multifamily buildings make up the community. The average unit size is 1,003 square feet. The multifamily community’s amenities include a swimming pool with Wi-Fi access and hot tub, a clubhouse, dry sauna, cabana with grilling station, 24-hour fitness center, lighted tennis courts, indoor racquetball court, car care center and available private garage parking.

The sellers made significant capital improvements to The Element at MetroWest in recent years, including the upgrade of 64 kitchens with granite countertops, new appliances, cabinets and brushed nickel light and plumbing fixtures. The seller also replaced windows, air handlers, condensers and water heaters throughout the property.

The Element at MetroWest sits along the seventh and eighth holes of the MetroWest Golf Course in Orlando’s Southwest Orange submarket, giving tenants quick access to some of the region’s largest employers and retailers, as well as recreational and entertainment venues. The multifamily property offers convenient access to all of Central Florida’s major thoroughfares, including Interstate 4, Florida’s Turnpike, SR 408 and SR 528.

Want more updates on Orlando’s multifamily market? Read my recent column: Why Opportunistic Multifamily Investors Are Targeting Orlando.

Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE.Learn more.