The seller, GDC Properties Inc. of Hawthorne, NY, has been acquiring strategic tracts Downtown and in other Central Florida areas for the past few years with development plans for major office, retail and condominium projects, as GlobeSt.com previously reported.
Olympic Investors completed its acquisition in a joint venture with an undisclosed life insurance company. Michael J. White, managing director, Holliday Fenoglio Fowler LP, Irvine, CA represented Olympic Hawthorne Village LLC. Greg Engler of Alpharetta, GA-based Engler Financial Group negotiated for the seller.
"This was a great opportunity [for Olympic Investors] to enter the [Orlando] market just beneath the newer A-quality product in a high-demand area where construction of a similar asset is economically infeasible due to prevailing land and construction costs," White says.
The 27-acre site has 47 two-story buildings with 1,000-sf, two-bedroom/two-bath units, a surface parking for 546 cars, a clubhouse, fitness center, two outdoor swimming pools, two lighted tennis courts, a laundry facility and a car wash area.
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