Newmark Knight Frank Multifamily announces the $44,100,000 sale and financing of Parke East, a 272-unit, community in Orlando. The property is in an infill location with tremendous accessibility to primary job hubs, educational institutions and entertainment venues. Parke East was approximately 94 percent occupied at the time of sale.
Senior managing director Scott Ramey and vice chairman Patrick Dufour represented the seller Insula Companies in the sale to an undisclosed buyer. Vice chairman Mitch Clarfield and managing director Ryan Greer arranged the financing with Freddie Mac.
According to Ramey, “”the sale of Parke East reflects the insatiable demand that investors have for true “value-add” product in Orlando. Current ownership has done an incredible job renovating the exterior of the property and with the majority of the units featuring classic finishes, the new owner will have a tremendous opportunity to implement a substantial interior renovation program and dramatically upgrade the asset.”
Greer said, “given the quality of the asset and strength of the buyer, there was fierce competition for the financing with several lenders offering very competitive terms. Freddie Mac saw this as an excellent opportunity to continue working with a top sponsor and ultimately offered the most competitive structure given the needs of the buyer and their equity partner. We are thrilled with the outcome for all parties involved.”
Constructed in 1987, Parke East is a well-maintained, two-story asset situated in a high barrier to entry location. The property features a recently renovated amenity package including a clubhouse with a cyber café, fitness center, two swimming pools, dog park with agility course and basketball court. The property contains a diverse mix of one-, two- and three- bedroom floor plans with private entries and screened in patios to all units. Furthermore, Parke East is an ideal value-add candidate as it offers the potential of expanding on the proven renovation program by upgrading 100 percent of the interiors and earning significant rental premiums.