Lexin Capital, a private investor based in New York, has acquired The Jamison, a 315-unit luxury apartment in Kissimmee for $70.8 million. The sellers were Debartolo Development and Upshot Capital Advisors and the transaction was handled by JLL Capital Markets.
Completed in 2020, The Jamison totals 334,215 square feet and consists of 315 units across seven residential buildings. Community amenities include a swimming pool with cabanas and the clubhouse, which includes game rooms and a fitness center. It is located at 1040 Jamison Loop, near Florida's Turnpike SR91 exit.
The JLL Capital Markets team representing the seller included Jay Ballard, Ken DelVillar, Bailey Smith and Patrick Coley.
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"As the property was launched in the market, there was significant initial interest from investors, mainly due to the fact that the property averaged 27 leases per month since leasing began in April 2020, with average rental rates starting at $1.34 per square foot increasing to $1.45 per square foot by the time of closing," Ballard said in prepared remarks.
"Ultimately, we identified an investor willing to purchase the asset on a pre-stabilized basis at a price that was acceptable to ownership. The property was 85% pre-leased and 80% occupied at the time of closing."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
