Real estate investors snagged three metro Orlando apartment complexes for a combined $89 million last month, Orange County records showed.
The properties, which totaled 821 units, sold for $108,892 per unit — and are examples of continued investor interest in Orlando-area real estate. Sales like these not only bring new capital to some older properties, but also attract more big-money investors seeking properties to the region.
Here’s a closer look at the three sales, two of which were bought by related entities, based on public records:
- Dallas-based MAR Heritage LLC, an entity related to The Milestone Group, on March 31 spent $40 million to buy the 303-unit Heritage on Millenia apartments at 3757 Millenia Blvd. near The Mall at Millenia from the partnership including Floribra-Millenia LLC, Groveland-Millenia LLC and Hartwood-Millenia LLC.
- The Milestone Group’s related MREI III Metrowest LLC on March 31 bought the 280-unit Summit at MetroWest Apartments at 6500 MetroWest Blvd. in west Orlando for $26.9 million from Summetro-The Summit At Metrowest LLC.
- Tampa-based Hunters Ridge Property LLC paid $22.5 million on March 12 to buy the 238-unit Hunters Ridge Apartments at 3733 N. Goldenrod Road in Winter Park from North York, Ontario-based Ebenezer Holdings Corp. Frank Carriera, Michael Regan, Michael Donaldson and Nicholas Meoli of Marcus & Millichap Real Estate Investment Services’ Tampa office represented the buyer and seller in the deal.
Earlier in March, Chicago-based Waterton Associates LLC bought the 212-unit Promenade Crossing apartment complex near Baldwin Park for $27.4 million, or $129,009 per unit, as previously reported by Orlando Business Journal.