Kissimmee Multifamily Trades for $71M
DeBartolo and Encore completed the property in April 2019 and had been moving quickly through the lease-up phase of the property located at 7995 Haven Way in Kissimmee.
KISSIMMEE, FL—A joint venture of DeBartolo Holdings of Tampa and Encore Capital Management of Boca Raton has sold the recently constructed 338-unit Haven at Reunion multifamily development here to Cortland for $70.98 million.
Cortland has since renamed the property Cortland Reunion. The deal was announced by Cushman & Wakefield, which represented the seller in the transaction that calculated out to approximately $210,000 per unit.
C&W executive directors Jay Ballard and Ken Delvillar and senior financial analyst Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented the DeBartolo Holdings and Encore Capital venture in the disposition.
DeBartolo and Encore completed the property in April 2019 and had been moving quickly through the lease-up phase of the property located at 7995 Haven Way in Kissimmee, which is approximately 20 miles southwest of Orlando.
“This best-in-class garden apartment community is well positioned in the market and is leasing an average of 27 units per month, signaling strong demand for the institutional quality multifamily housing developed by DeBartolo and Encore funds,” says C&W’s Ballard.
Cortland Reunion offers primarily one- and two-bedroom residences averaging 1,002 square feet. Community amenities include a large clubhouse featuring co-working space, a fitness center with Peloton bikes and an Aktiv Solutions training system, a pet spa, and a zero-entry resort-style pool as well as a lap pool with a sun shelf. Units feature stainless steel appliances, granite countertops, built-in custom closets, backlit vanity mirrors and Smart Home technology. Amazon Echo Dots accompany built-in speakers and voice-controlled thermostats, lights and fans.
“Cortland Reunion presents a great opportunity for Cortland to continue to grow our presence in Central Florida, marking our eighth community in Orlando,” says Kyle Bateh, Cortland investment manager for Florida.
Cortland has been expanding its portfolio throughout 2019, including its purchase of Canada’s Pure Multi-Family REIT in a $1.2 -billion deal. The REIT’s apartment portfolio is located in Texas and Arizona, allowing Cortland to significantly expand its own Sunbelt-based market strategy. At the time of the purchase Cortland’s portfolio consisted of 155 apartment communities with more than 50,000 units in the US.
In. addition to its Atlanta offices, Cortland has regional offices in Charlotte, Dallas, Denver, Houston, and Orlando.