WINDERMERE AND ORLANDO, FLA. — CBRE Global Investors, a global real estate assets management based in Los Angeles, has purchased two recently built apartment communities in Central Florida totaling 604 units. Unicorp National Developments Inc., a mixed-use and multifamily developer based in Orlando, sold both properties to a fund sponsored by CBRE Global.
The price was not disclosed, but Orlando Business Journal reported last fall that Unicorp was in advanced discussions about selling the communities for a combined $160 million.
The properties include the 346-unit Venetian Isle in Windermere and the 258-unit Zen in Orlando, which are situated about four miles apart in southwest Orlando. The communities were both 95 percent occupied at the time of sale.
Steve Gullo, senior managing director of multifamily acquisitions for CBRE Global Investors, says the firm pursued Venetian Isle and Zen because of the growth prospects in Orlando.
“Orlando continues to have one of the fastest growing economies with population and employment growth outpacing the nation,” says Gullo. “Accordingly, it is forecasted to be one of the highest ranked markets for future rent growth.”
Currently, rental rates range from $1,340 to $1,885 per month at Venetian Isle, while two-bedroom apartments average about $1,590 per month at Zen, according to Apartments.com.
Delivered in 2018, Venetian Isle spans 12 three-story, garden-style buildings; seven carriage homes; nine townhomes; and two clubhouses. The apartments range in size from one to three bedrooms and offer high-end finishes.
Zen, located at 9835 Namaste Loop, was completed in 2017 and spans five three-story garden-style buildings and three carriage houses. The community offers one-, two- and three-bedroom apartments, as well as a zen-themed clubhouse that features a sauna, steam room, full-service spa and floating chairs above a meditation pond.
Both Venetian Isle and Zen include fitness centers, business centers, game rooms, swimming pools, Jacuzzis and dog parks.
CBRE Global Investors is an independently operated affiliate of CBRE Group Inc. (NYSE: CBRE), which has 100,000 employees spread across 530 offices worldwide. CBRE Global Investors has about $113 billion in assets under management as of Dec. 31, 2019.
— John Nelson