Marina Landing Disposition
This article, Beach Real Estate Funds Acquires $59M Orlando Property, was originally published on Multi-Housing News by Jordana Rothberg.
“Beach Real Estate Funds LLC, an affiliate of The Beach Co., has purchased a 260-unit asset in southeast Orlando, Fla. The community, sold by Horizon Realty Advisors, traded hands for $58.5 million, according to Yardi Matrix data.
To finance the acquisition, BREF assumed an in-place, fixed-rate Freddie Mac loan on the property, Marina Landing. It is the second purchase for the Beach Investment Fund II LP.
Marina Landing, completed in 1991, is a vintage garden-style community in the MetroWest neighborhood. According to Yardi Matrix data, the asset is 96.5 percent occupied. Located at 6315 Westgate Drive, residents are in proximity to employers in downtown Orlando, as well as retail and dining options.
The property has one-, two- and three-bedroom homes ranging from 677 square feet to 1,205 square feet. Amenities include wood-burning fireplaces, porches and lakefront views in select units. The community features a fitness center, business center, clubhouse, basketball court, pool and spa.
BREF plans to upgrade and improve the current amenities as well as renovate the interior of the property.
Shelton Granade with Institutional Property Advisors facilitated the sale on behalf of Horizon Realty Advisors. BREF’s acquisition team, Niko LeVigne and Darby Parker, led the sale on behalf of the buyer, while CBRE’s Debt and Structured Finance platform aided with loan assumption.
The acquisition of Marina Landing marks BREF’s 11th acquisition on behalf of the two funds. The multifamily investment arm of The Beach Co. also recently acquired a community in South Carolina for $32.4 million. The Waters Edge, a 204-unit garden-style property, is also planned for in-unit upgrades and an overall improvement plan.”