ORLANDO—Located within the largest single-site residential development in the U.S., ARA brokered the disposition of Courtney Villages, a 356-unit multifamily complex in Lady Lake, FL for $30.25 million. Lady Lake is in the Orlando MSA.
The ARA Central and North Florida-based sales team, led by principals, Kevin Judd and Patrick Dufour, along with senior vice president Matt Wilcox, represented the seller, Orlando-based Contravest. Judd tells GlobeSt.com the sale, “underscores the increased interest in assets located in secondary markets.”
The class A resort-style garden multifamily community is located in the high barrier-to entry northwest section of the Orlando MSA. Jacksonville, FL-based GMC Property Management purchased the multifamily asset, which is 96% occupied. GMC owns and operates multifamily properties in New York, Pennsylvania, North Carolina, and Florida, with plans to add additional properties.
“The property is well-positioned to benefit from the growing demand for rentals in the immediate area,” says Dufour. The multifamily asset is to employment options in various high-paying fields.
The Villages is the largest single-site residential development in the United States spanning more than 26,000 acres in three adjoining counties in Central Florida. The Villages offers integrated mixed-use developments containing retail, office, and hotels with a planned 2.7 million square feet of space and an annual average household income of over $84,000.
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