ORLANDO, FL - Berkadia announced it has arranged the sale and financing of Patterson Court, a 384-unit, three-story garden-style apartment community, located at the epicenter of Orlando’s world-renowned Tourist Corridor along iconic International Drive. The property, currently master-leased to Walt Disney World Resort, traded for $107.75 million.
Managing Directors Brett Moss and Matt Wilcox, and Associate Director Tyler Swidler of Berkadia Orlando, along with Senior Managing Director Jaret Turkell of Berkadia Miami, represented the seller, a joint venture between Miami-based Fifteen Group and Meritage Group LP, a private investment firm.
Managing Directors Scott Wadler and Brad Williamson of Berkadia Miami, and Associate Director Wesley Moczul of Berkadia Orlando, secured the acquisition financing on behalf of the buyer, Trion Properties, a private equity firm based in West Hollywood, California.
Pacific Coast Capital Partners, LLC, originated a three-year, floating-rate loan for $85 million. It includes $80 million in initial funding and $5 million in future funding for capital improvements with extension options.
Built in 2008, Patterson Court had historically been utilized by Walt Disney World Resort as housing for participants in the esteemed Disney College Program (DCP), who were recently relocated to Disney's brand-new Flamingo Crossings Village community in nearby Winter Garden. The property has since been re-leased to new renters, not necessarily tied to Disney.
“Patterson Court represented one of the most unique and story-laden value-add multifamily investment opportunities in Central Florida in recent history,” said Moss. “The market’s response to this opportunity was exceptional, and the sale of Patterson Court is emblematic of the strength of the Orlando apartment market and ever-growing investor appeal.”
Located at 8151 Patterson Woods Drive, Patterson Court offers one-, two- and three-bedroom apartments ranging from 772 square feet to 1,301 square feet. The gated community’s amenities include a fitness center, a resort-style swimming pool with a large sundeck, an expansive resident clubhouse, on-site laundry facilities, a car wash center and a cabana with billiards.