ORLANDO, FLA. — Park Partners Residential and Independencia Asset Management have acquired The Commons, a 280-unit multifamily property in Orlando, for $77.8 million. The property was purchased from real estate funds managed by Ares Management. Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman & Wakefield brokered the sale.
The joint venture between Boca Raton, Fla.-based Park Partners Residential and Miami-based Independencia Asset Management received a $58.5 million construction loan. American Real Estate Capital provided the loan, which will be used to fund a full renovation of the property’s 280 units, clubhouse and amenity spaces.
The joint venture will renovate the pool, clubhouse and fitness areas along with the add a game room, co-working offices, dog parks and dog wash, a car washing station and outdoor activity deck with grill stations. Additions will also include an array of wellness-focused amenities including a gym, sports court and a basketball court along with a cardio gym with yoga and spinning areas.
Located at 8050 Gables Commons Drive, The Commons is situated 16.4 miles from downtown Orlando. The property is also 2.3 miles from the Walt Disney World Resort.