DAVENPORT, FL - The Orlando office of Atlanta-headquartered ARA, the largest full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of Victoria Park, (1000 Victoria Park Boulevard), in Davenport, (Orlando MSA), FL. The 348-unit, class A asset traded for $46,554,000, or $133,776 per unit, and was 94% occupied at the time of sale.
ARA Orlando-based Principals, Kevin Judd and Patrick Dufour, and Vice President, Scott Ramey, represented Winter Park, FL-based P.A.C. Land in the transaction. The property was developed in 2009 by P.A.C. Land Development, one of Florida’s premier multifamily developers. ARA Managing Partners Marc deBaptiste and Richard Donnellan also participated in the transaction.
Corona, CA-based Day Properties was selected as the buyer. “The buyer utilized 1031 dollars to fund the transaction,” noted Kevin Judd, lead advisor on the transaction.
Victoria Park is strategically located near five of the region’s major transportation routes including I-4, SR 417, SR 429, SR 535, and Osceola Parkway. Major demand drivers in the area include Walt Disney World, Lake Buena Vista, Celebration, Champions Gate and Reunion. “This area is beginning to rebound since the recession and is poised for explosive growth over the next decade,” said Kevin Judd. “Development continues to push west from Orlando and east from Greater Tampa into the submarket.”
Walt Disney World, Orlando’s largest employer with approximately 69,000 employees and the largest single-site employer in the United States is located only seven miles from Victoria Park. In addition to nearby Disney parks, there are several Disney affiliated businesses and employment centers such as Disney University. Disney University (DU) is the global entity under which Disney Cast Members receive a range of opportunities including Disney heritage and traditions, personal and professional development and on the job training.
Disney’s Celebration Planned Development is located just north of Victoria Park. Launched in 1996, this project encompasses 4,900 acres of developable land surrounded by 4,700 acres of protected greenbelts. This unincorporated resort town will include a mixed-use downtown area with office, retail and a movie theater. The project includes an additional health center, public golf course, parks and trails.
Florida Hospital Celebration Health, a 172-bed, state-of-the-art hospital that serves as a showcase of innovation and excellence in healthcare and serves the residents of Osceola, Orange, Polk and Lake Counties as well as patients from around the world, is less than a 15 minute drive north of Victoria Park.
Victoria Park is situated on 19.5 acres and consists of studio, one-, two- and three-bedroom professionally designed units with three-story garden apartment buildings. Units feature the finest appointed interiors in the submarket including 9-foot ceilings and the property’s many high-end unit features, variety of larger than average unique floor plans,(1,134 square feet), and unequaled community amenities place it among the most luxurious, suburban communities in Central Florida. “The property truly offers a resort lifestyle,” added Kevin Judd. “This is evidenced by the fact that 30 of the units are leased out for daily or weekly residents. The clubhouse and community amenities are superior to any in the area.”
Year-to-date, ARA Florida has completed more than $1 billion in multifamily investment sales transactions throughout the state of Florida. The company arranges land sales, improved property sales, equity raising and conventional financing.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Marti Zenor at mzenor@ARAusa.com or 561.988.8800.