Jay Ballard Ken Delvillar, Michael Mulkern and Robert Given Represented the Seller in the Disposition of the New 314-Unit Luxury Multifamily Community
Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield’s Florida Multifamily Team represented Atlanta-based Wood Partners in the sale. Dallas-based Lantower Residential acquired the asset.
Alta Grande opened in May 2018 and comprises 10, three-story residential buildings; an integrated clubhouse; and nine garage buildings. The property offers a mix of one-, two- and three-bedroom units with an average size of 969 square feet. The community was 98.41% leased at the time of sale.
Units at Alta Grande feature wood-style laminate flooring, under-cabinet lighting, granite countertops, soft-close kitchen cabinetry, stainless steel appliances, kitchen islands with USB outlets, side-by-side refrigerators with an ice-maker, glass-tiled backsplashes, pendant lighting, a private balcony or patio, full-size washers and dryers, walk-in closets, garden tubs with rain shower heads and ceiling fans in living rooms and bedrooms.
Community amenities include a leash-free pet park with a dog washing station; a putting green; a fire pit; a bocce ball court; a 24-hour fitness center with yoga room; an outdoor kitchen with a pizza oven and beer tap; grilling stations; a sports court; a zen garden; poolside cabanas; a business center; a zero-entry, saltwater swimming pool; a poolside hammock garden; and a game room with billiards and foosball tables.
Alta Grande is located in the South Orlando multifamily submarket on a ±13.6-acre site at 3512 Grande Reserve Way. This position at the nexus of Florida’s Turnpike, The Beachline Expressway (FL-528) and Interstate 4 provides exceptional access to major employment centers, an affluent demographic base, a strong school district and the region’s premier retail, dining and entertainment venues.
“While there have been a number of new apartment communities developed in the submarket during the current cycle, most of the new construction has been concentrated around the International Drive corridor,” said Ballard. “Alta Grande’s location in the South Orlando submarket offers strategic demographic and geographic advantages while providing shelter from future competition via the Shingle Creek Wetlands, which serve as a natural barrier to entry.”
Added Delvillar “Alta Grande is one of the newest deliveries within the submarket offering extraordinary attention to detail and market leading finishes which set the community apart from its competition.”
Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Ballard and Delvillar in Central Florida; Luis Elorza, Brad Capas, Nicholas Meoli and Michael Donaldson, in West-Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn, Perry Synanidis and Mulkern in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages multifamily communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 75,000 multifamily homes with a combined capitalization of more than $13.1 billion nationwide. The company currently owns 63 properties across the United States with a combined total of more than 17,000 homes. Wood Partners has offices in 18 major markets nationwide including Atlanta, Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Nashville, Orange County, Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Washington, D.C., and West Palm Beach. To learn more about Wood Partners, please visit WoodPartners.com.
About Lantower Residential
Lantower Residential, a Dallas-based subsidiary of H&R REIT, is a vertically integrated real estate company generating value for its investors through the careful management of a portfolio comprised of distinctive multifamily communities. Led by Chief Executive Officer Philippe Lapointe, Lantower focuses on acquiring, developing, financing, and managing multifamily communities. Lantower Residential actively seeks Class A multifamily assets in high growth Sunbelt markets; strategically grows its portfolio by partnering with experienced developers as well as sourcing sites; and generates value and growth by implementing innovative asset management practices through its Lantower Luxury Living subsidiary. To learn more, visit www.lantowerresidential.com.