ORLANDO, FL - JLL Capital Markets announced today that it has closed the sale of Falcon Square at Independence, a 379-unit, three-story, garden-style community in Winter Garden, Florida.
JLL marketed the property on behalf of the seller, Venterra Realty. Cortland acquired the asset.
Built in 2008 and consisting of 11 three-story, concrete block buildings, Falcon Square features units with full-sized washers and dryers, walk-in closets, breakfast bars, screened-in private balconies, nine-foot ceilings, hardwood-style vinyl flooring and average floorplan sizes of 1,122 square feet. Community amenities include a resort-style pool, two basketball courts, a dog park, detached garages, a resident business center, hiking and biking trails, a fitness center, a poolside grilling station, playground, a resident game room and tennis courts.
Falcon Square is located within the Independence PUD in the heart of Horizon West, a 2,100-acre premier master-planned community, made up of five unique villages that were carefully designed to ensure convenient access to top-tier schools, vibrant retail centers and public parks for its residence. Situated at 14600 Ave. of the Groves, the property offers immediate accessibility to State Road 429, which provides superior freeway connectivity throughout the Orlando MSA.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar.
“Falcon Square received strong institutional investor interest due to the location of the asset, it’s concrete block construction, and the opportunity to implement a true value-add investment program, since the interiors were all original.” said Ballard. “The property’s location within the Independence PUD and proximity to A-rated elementary and middle schools also created strong interest.”