JLL announces it has closed the sale of Maitland Station, a 293-unit, mid-rise apartment community in Maitland, Florida.
JLL arranged the sale of the property from Epoch Residential to Nicol Investment Company (“Nicol”). Nicol purchased Maitland Station free and clear of existing debt.
Maitland Station is located on the historic Parker Lumber Yard site at 801 Orlando Avenue. Completed in 2018, the luxury transit-oriented development is adjacent to the Maitland SunRail station, which provides access to the area’s top retail, dining, employment and recreational destinations. Floor plans include a mix of one-, two- and three-bedroom units averaging 942 square feet that are appointed with high-end amenities, including Shaker-style cabinetry, subway tile kitchen backsplashes with granite countertops, stainless steel appliances, wood-style flooring, floor-to-ceiling windows, in-unit washers and dryers and electronic keyless entry. Community amenities include a pool with lounge area and fire pit; outdoor summer kitchen with gas grills; 24-hour fitness facility with separate CrossFit studio; cyber café; media room; game lounge with billiards and community kitchen; private conference room and business center; and pet park with dog washing station.
The JLL Capital Markets team representing the seller was led by senior director Brett Moss and managing director Elliott Throne.
“We are thrilled to buy a high-quality, core asset in the vibrant Maitland community and capitalize on its proximity to the SunRail,” said Grant Nicol, director of finance for Nicol Investment Company. “It was a pleasure to work with the Epoch Residential and JLL teams on a successful transaction.”
“The Orlando multi-housing market continues to garner robust interest from a diverse roster of investors due to the positive market fundamentals such as employment and population growth that continue to play out across the region,” Moss added. “It was a pleasure to advise Epoch Residential on the strategic sale of the property to Nicol, who are eager to expand their presence in Orlando.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
About Epoch Residential
Epoch Residential is a fully integrated development, construction and management company that has managed over 100,000 multifamily units in more than 90 cities nationwide. The company has developed and built over 36,000 units in more than 55 cities nationwide since 1970, and has corporate offices in Winter Park, Florida.
About Nicol Investment Company
Nicol Investment Company, based in Nashville, is a family real estate investment firm with a primary focus on the acquisition and development of multifamily properties in the Southeast.
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.