LLoyd Jones | Florida Hospital Health Village apartments, complexes near OIA sell for nearly $80M

Home / News / Florida Hospital Health Village apartments, complexes near OIA sell for nearly $80M
Florida Hospital Health Village apartments, complexes near OIA sell for nearly $80M

Florida Hospital Health Village apartments, complexes near OIA sell for nearly $80M

Sign up for more featured news

By: – Associate Managing Editor, Orlando Business Journal

Three Orlando apartment complexes — including one that just debuted in late 2014 — sold to investors from the nation’s East and West coasts.

An affiliate of Irvine, Calif.-based real estate investment firm Passco Cos. LLC spent nearly $55 million to buy one of Central Florida’s first new transit-oriented developments, The Ivy Residences at Health Village, Orange County records showed.

The apartment community near the Florida Hospital SunRail commuter rail stop was developed by Orlando-based Ustler Development Inc. and Atlanta-based Wood Partners and the 248 units were the first phase of the project, as previously reported by Orlando Business Journal.

Additionally, the price per unit paid for this property was a record in the region during this real estate cycle.

“Nowhere are we seeing more progressive and innovative development than in Orlando,” said Colin Gillis, Passco vice president of acquisitions in the Southeast, in a prepared statement. “The city of Orlando recently invested nearly $8 billion in infrastructure and transportation projects, inclusive of the SunRail commuter line and an expansion of [Interstate 4]. The Ivy’s location in close proximity to these major transit systems will drive demand for the property, providing an opportunity to deliver stabilized yields to our investors.”

Meanwhile, Miami-based Lloyd Jones Capital LLC’s related entities paid a combined $24.6 million to buy two older complexes near Orlando International Airport in two separate transactions.

Stephen Selby, director of investments in Florida and South Carolina, told OBJ these are the firm’s first two Orlando-area properties and it was an attractive opportunity because of all the construction activity happening nearby at the airport, hospitals and college campuses.

Lloyd Jones Capital is on the lookout for more complexes like these, but so are plenty of other apartment investors.

“It’s hard to find properties at a reasonable price because a lot of people are looking at Orlando,” Selby said. “As properties come up for sale, these ones were ones that would work for us because of location of the product. We looked at a few others in this area but people are pretty aggressive on prices.”

Apartment properties, both old and new, continue to attract investors to the Orlando area, as strong fundamentals and a still growing population make for a solid return on investment potential.

Here are more details on the three sales:

  • Passco Ivy DST shelled out a whopping $221,658 per unit to buy the 248-unit Ivy Residences at Health Village complex at 2650 Dade Ave. near Florida Hospital from Ivy Apartments LLC, county records showed. Shelton Granade of CBRE Inc. represented both the seller in the deal, while Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged acquisition financing for Passco through Fannie Mae. Wood Partners will continue to manage the property.
  • Lloyd Jones Capital’s Pendleton Park LLC paid $18.6 million, or $88,490 per unit, for the 210-unit Pendleton Park Apartment Villas on Curry Ford Road east of South Semoran Boulevard in Orlando from Florida Pendelton LP, an entity related to West Springfield, Mass.-based Aspen Square Management Inc. The sale closed on April 26.
  • Lloyd Jones Capital’s Carlyle Court LLC on April 28 spent $6 million, or $60,173 per unit, for the 100-unit Carlyle Court apartments just across Curry Ford Road from Pendelton Park also from Florida Pendelton. The firm’s affiliate company, Ponte Vedra Beach-based Finlay Management Inc., will handle property management at both apartment complexes.

Come back to OrlandoBusinessJournal.com for more.

Click here to view the original article.