IMT Capital Buys Florida Multifamily for $125M
The firm has purchased a newly-constructed, 300-unit community in Lake Mary, FL.
LAKE MARY, FL – Los Angeles-based IMT Capital has purchased a new 300-unit multifamily property in Lake Mary, FL for $125.1 million.
The firm acquired the community, named The Helix at Lake Mary, from Parkway Properties and Silverpeak.
Located at 962 Bentstation Ln., the 11-building asset was constructed in 2021.
The property features a saltwater pool with lounge seating, grills, a fire pit, a cabana with a full kitchen, a 24/7 fitness center, a game room, a Bocce ball court, package lockers, storage units and private workspaces. The community offers one-, two- and three-bedroom units that average 1,122 square feet.
The asset is located south of Interstate 4 and State Rd 417 and it is situated within the 153-acre master-planned community, Lake Mary Wellness and Technology Park, which is anchored by Orlando Health.
CBRE’s Chip Wooten and Jeff Gray represented Parkway Properties’ Jim Heistand and Silverpeak’s Mark Walsh and Brett Bossung in the transaction.
“Investor demand was extremely strong during the marketing process, generating a wide variety of offers from well-qualified investors, including several core and core-plus institutional funds, private equity groups, family offices and foreign capital,” states Wooten. “Ultimately, the buyer selected was able to meet our preferred timeline and was not dependent on debt, which was very attractive in the current market environment.”
Wooten adds, “Multifamily is still one of the best performing asset classes within commercial real estate, and Central Florida is a target market for most investors, demonstrating strong fundamentals paired with a business-friendly political landscape.”