Cushman & Wakefield has negotiated the sale of Alta Grande, a new 314-unit luxury multifamily community in Orange County.
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 percent 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.