ORLANDO , FL – Cushman & Wakefield has negotiated the sale of Arrow Ridge Apartment Homes, a 320-unit garden apartment community in Kissimmee, Florida, for $49 million. The buyer is Sarasota, Florida-based Insula Companies, which operates apartment communities throughout Central and Southwest Florida.
Senior Director Jay Ballard and Senior Director Ken Delvillar, with Cushman & Wakefield’s Florida Multifamily Team, represented the seller, Waypoint Residential, in the disposition.
The 337,892-square-foot property consists of 16 three-story buildings. Waypoint Residential recently upgraded all unit interiors, which resulted in a notable rent increase and presents a strong value-add opportunity for the new ownership.
The residences range from one-bedroom, one-bathroom units to four-bedroom, three-bathroom units. The community was constructed in 1999, and amenities include a business center, sparkling swimming pool, gazebo and covered picnic areas, sand volleyball court, children’s play area and a fitness center.
At 4100 Arrow Ridge Place, the community is located just north of U.S. 192, off North Hoagland Boulevard. It is minutes from Darden Restaurants’ 650,000-square-foot corporate headquarters, and is just east of Orlando’s International Drive Tourist Corridor, which sees 68 million visitors per year. There are also approximately 2 million square feet of big-box retail within two miles of the property at The Loop, offering residents convenient access to shopping and dining.
“Arrow Ridge is a well-located community with excellent access to a growing job market as well as a wealth of high-quality retail,” said Ballard. “The significant improvements Waypoint Residential made to the units come with significant upside potential for Insula Companies.”
The seller, Waypoint Residential, is a vertically integrated real estate investment manager that specializes in the rental housing sector, focusing on conventional multifamily, student housing and senior housing properties across the United States. Since 2011, Waypoint has invested in more than 21,000 units nationwide, including approximately 4,500 multifamily units throughout various Florida markets.
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Ballard and Delvillar in Orlando, as well as Calum Weaver, Zachary Sackley, James Quinn, Neal Victor and Errol Blumer in South Florida; Luis Elorza and Brad Capas in West Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Cushman & Wakefield: Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.