PRG Real Estate sold the Sawgrass Apartments, located at 2859 S Conway Road in Orlando, FL. The property was sold to McKinley for $50 million.
The property includes a private gated community, a lakeside dining area with gas grill stations and lounges, a brick sundeck and swimming pool, a state-of-the-art fitness center, a pet Bark Park, a car care center and electric vehicle charging stations.
PRG Real Estate infused nearly $2.5 million in capital improvements since acquiring the asset in 2008. The garden asset comprises two- and three-story residential buildings, united by a lake at the community’s central interior. The 208-unit community offers rentals ranging from 658-square-foot studios to 1,117-square-foot three-bedroom homes with private outdoor terraces. Select interiors are equipped with vaulted ceilings, wide plank oak-style flooring, stainless steel appliances, white European-style cabinetry, brushed nickel hardware, fireplaces and outdoor storage.
Newmark brokered the deal. Executive Managing Director Scott Ramey, Senior Managing Director Ryan Moody, Vice Chairman Patrick Dufour, Directors Brad Downing and Andrew Visnick and Associate Paul Grant were the sole brokers on the sale transaction.