Orlando, FL – Three prominent apartment complexes in Orlando – one each in Baldwin Park, near Epic Universe, and on International Drive – have recently changed hands in separate deals totaling $238.57 million.
Enders Place at Baldwin Park Sells for $73.57 Million
Enders Place at Baldwin Park, a 220-unit complex, was acquired by a joint venture between Maryland-based Bozzuto and Atlanta-based Invesco Real Estate for $73.57 million in cash. The seller was Boston-based TA Realty. This transaction, valued at approximately $334,409 per unit, marks the first acquisition for the newly formed multifamily real estate investment program by Bozzuto and Invesco Real Estate, which boasts a $1 billion investment capacity.
Located at 4220 New Broad St. in the popular Baldwin Park neighborhood, Enders Place spans four blocks and comprises nearly 30 buildings, mostly two stories high, with one three-story building housing a ground-floor leasing center. The community offers a diverse range of unit types, including one-, two-, three-, and four-bedroom layouts, with options for dens, sunrooms, lofts, and townhome styles.
Notably, Enders Place was once a fractured condominium property. Its previous owner, Bluerock Real Estate, successfully acquired all remaining condos before selling the property to TA Realty in 2020 for $53 million. Bozzuto plans to “enhance unit finishes and elevate the resident experience” at the community, according to a press release. Chris Chadbourne and Brian Moulder of Walker & Dunlop brokered this sale.
Alta Deco Acquired for $90 Million by Bonaventure Senior Living
Oregon-based Bonaventure Senior Living has purchased the 297-unit Alta Deco community from Atlanta-based Wood Partners for $90 million, or $303,030 per unit. Opened in 2023 at 9505 Axis Way, Alta Deco features seven buildings, an outdoor pool with cabanas, a gym, an indoor lounge and game area, a dog park, and outdoor grilling stations.
Bonaventure Senior Living secured $49.5 million in acquisition financing from Principal Asset Management for this deal. This acquisition follows their December purchase of another Orlando apartment community, Corban Horizon West, from Wood Partners for $109.62 million. Scott Ramey and Ryan Moody of Newmark brokered the Alta Deco sale.
Alta Deco is conveniently located near the 219-unit V by Alta, which is currently the only multifamily community under construction in the immediate vicinity and is also being developed by Wood Partners. V by Alta is expected to open in October or November. With this project, Wood Partners will have developed nearly 1,500 units across five projects close to the intersection of John Young Parkway and Central Florida Parkway since 2017. Bryan Borland, Managing Director for Wood Partners in Florida, highlighted the area as “among the most dynamic submarkets in all of Orlando,” noting its proximity to both Orlando’s hospitality and tourism industry (Grande Lakes Orlando, SeaWorld, Universal’s Epic Universe) and major employers and business parks.
Perse Apartments on I-Drive Sells for $75 Million
New York-based Atlas Real Estate Partners has acquired the 384-unit Perse Apartments from Los Angeles-based Trion Properties for $75 million, or $195,312 per unit. Situated on International Drive and Little Lake Bryan Parkway, Perse Apartments was built in 2008 and consists of three-story residential buildings offering one-, two-, and three-bedroom units. The complex boasts amenities such as a clubhouse, gym, and a pool with cabanas. Atlas plans extensive capital improvements, including upgrades to unit interiors and common areas. JLL’s Capital Markets Investment Sales and Advisory team, led by Directors Ted Taylor and Kyle Butler, represented the sellers in this transaction.
Orlando’s Robust Multifamily Market Continues to See Significant Sales
These transactions add to a series of substantial multifamily deals in the Orlando market this year. The largest to date occurred in May, when North Carolina-based Bell Partners purchased the 487-unit Bell Avalon Park for $137 million, or $281,314 per unit, from Chicago-based LivCor (a Blackstone subsidiary). This was the largest multifamily transaction in the Orlando area since 2022, a year that saw multiple sales exceeding $150 million.
Other notable multifamily transactions in Orlando this year include:
- $120.5 million: Chicago-based Heitman acquired the 300-unit Cortland Colburn apartment complex in Celebration for $401,666 per unit.
- $81 million: Los Angeles-based TruAmerica Multifamily purchased the 336-unit Grand at Westside in Four Corners for approximately $241,000 per unit.
- $69 million: South Carolina-based Greystar bought the 268-unit Axis West apartment complex near SeaWorld, renaming it Avana Parkway, for $257,462 per unit.
- $66.5 million: NYC-based Ashcroft Capital acquired the 300-unit Ascend Waterleigh complex in Horizon West, renaming it Birchstone Waterleigh, for $221,666 per unit.