CHICAGO, IL - Waterton Residential is continuing its buying streak in Florida with its purchase of Verano, a Class-A, garden-style apartment community located in the popular travel destination Kissimmee, Florida.
Newly constructed in 2008, Verano encompasses 16 wood-framed, stucco three-story residential buildings which contain five distinctive apartment types incorporating a mix of 144 one-bedroom, 192 two-bedroom and 48 three-bedroom units. The beautifully landscaped Verano features perimeter fencing with electronic gated access, a large lake with fountains, a resort-style pool and sundeck with an outdoor kitchen, a clubhouse with Wi-Fi access, a fitness center, an expansive playground and dog park, and a picnic area with barbeque grills, as well as both business and car care centers.
"We are thrilled to have acquired such a high quality physical asset in Verano and especially in the Orlando apartment market which is strengthening," said Maxwell Peek, senior vice president, acquisitions, Waterton Residential. "With Verano's resort-class amenities, convenient proximity and access to the Turnpike and exciting nearby retail development under construction, we feel this community is extremely well positioned to provide residents with a tremendous quality of life."
Voted "Best of Osceola" by the readers of Osceola News Gazette, Verano offers a five distinctive apartment styles. Its well-appointed units include 9-foot ceilings with ceiling fans; contemporary kitchens with ceramic tile, granite bar tops, maple cabinetry and flat-top ranges; walk-in closets; full size washers and dryers; garden tubs and ceramic tile in the baths; high-speed Internet access and private screened patios and balconies, some with lake views.
Located close to the intersection of Florida's Turnpike and US Highway 192/441, Verano offers convenient access to Orlando's major employers as well as popular tourist attractions including Walt Disney World, Universal Studios and Sea World. Additionally, the Orlando International Airport is within 20 minutes as is the up and coming Medical City at Lake Nona development.
Waterton Residential closed the purchased of Verano in October, buying the apartment community from its original developer, Lane Company. It was financed through a Fannie Mae loan at a 65% loan-to-value. Verano was acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.