One of the busiest multifamily developers in Kissimmee’s LOOP/Tupperware submarket has sold an active-adult apartment complex to a national real estate investment firm for $29.5 million.
Palm Beach Gardens-based Eastwind Development and co-developer Index Investment Group built the four-story, class A Monterey Pointe community in 2016 just off John Young Parkway, south of Hunter’s Creek. Eastwind Vice President Ron Roan told GrowthSpotter the age-restricted community was 98 percent occupied at time of sale.
“There was an extremely strong response in the market for this property,” Roan said. “It was very sought-after, both for groups that specialize in senior housing and other apartment investors.”
Two Kissimmee apartment complexes sell for combined $90M
Eastwind built the 150-unit complex shortly after completing Sonoma Pointe, also located in the LOOP submarket. It sold Sonoma Pointe last summer for $40 million.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill brokered the Monterey Pointe sale and represented both seller and buyer.
Washington D.C.-based The Carlyle Group ,which also has multifamily investments in Orlando’s Ravaudage community, purchased the asset through one of its real estate funds.
The Carlyle Group is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 multi-manager investment funds. That includes six funds focused on U.S.-based real estate assets like this.
UPDATED: Eastwind closes on Phase 1 apts site near Tupperware SunRail, plans new unit type
Eastwind breaks ground this month on Phase 1 of San Mateo Crossing, its first Transit-Oriented Development complex across from the Tupperware SunRail station. All three of the development sites were purchased from Tupperware subsidiary Deerfield Land Corp.
“We feel like it’s a very desirable location in the Orlando market,” Roan said. “We’ve been fortunate to forge a good relationship with Tupperware, the seller on all three of the properties.”
Laura KinslerLaura KinslerContact ReporterGrowthSpotter