ORLANDO — Apartment Realty Advisors (ARA) has brokered the sale of a luxury garden apartment and townhome community in Orlando for $43.25 million. The Estates at Park Avenue is located at 2801 Biltmore Park Drive within the MetroWest master-planned community. It was 93 percent occupied at the time of the sale.
The Class A community consists of 170 townhomes and 262 garden-style apartments. Amenities include vaulted ceilings for some of the garden units and direct-acces garages for almost half of the townhomes. Community amenities include a resort-style swimming pool.
Kevin Judd of ARA's Orlando office, Patrick Dufour of the firm's Tampa, Fla., office and Richard Donnellan of its Boca Raton, Fla., office represented the seller, an institutional fund advised by Prudential Real Estate Advisors. The buyer was also not disclosed.
“This sale represents one of the few institutional-quality, non-distressed properties to trade over the last 18 months,” said Judd in a statement. “The quality of the asset and its location in one of Orlando's most desirable, core submarkets enabled ARA to secure over 30 written offers.”
Judd added, “The Estates at Park Avenue was the last rental project built within MetroWest, and no land is available for future multifamily development. This results in a significant barrier to entry for future competition in the immediate area.”
— Coleman Wood