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Business Observer Tuesday, Jul. 19, 2022 2 weeks ago

Polk County apartment sale tops $100 million

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An apartment complex just off Interstate 4 sells to a Virginia real estate company.
by: Louis Llovio Commercial Real Estate Editor

The six-digit price point for apartment properties has hit Polk County.

A just completed development in the county has sold to a Virginia real estate developer for $100.5 million.

The price point shouldn’t come as too much of a surprise because the property is on U.S. Route 27, just off Interstate 4, a few miles outside of Kissimmee, the unofficial beginning of metro Orlando heading east. Orlando’s multifamily market has been nearly as hot as the Gulf Coast’s in the past 18 months as the demand for housing has grown.

The 300-unit complex, Indigo Champions Ridge, was built by Georgia developers and completed earlier this year. It sits near two major master planned communities, ChampionsGate and Reunion.

The community includes one-, two- and three-bedroom units averaging between 741 square feet and 1,340 square feet. While its list of amenities mirrors those of a lot of complexes that carry the luxury label, this one ups the game with a dog washing station, coworking lounge, complimentary coffee and craft beer bars. (No word on whether the beer is complimentary.)

Rent, according to the community’s website, starts at $1,750 for a 741-square-foot one-bedroom, one-bath unit and tops out at between $2,650 for a 1,340-square-foot three-bedroom, two-bath unit as of July 19.

Brett Moss, managing director for Berkadia, says in a statement announcing the sale that given the complex’s location and features it “is well poised to capture continuous demand in Central Florida.”

Berkadia represented the seller, Red Clay Development Partners.

The buyer is Middleburg Real Estate from Middleburg, Virginia.

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