Cushman & Wakefield announced that the real estate services firm arranged the sale of Orlando on the Lake, a 189-unit lakefront multifamily asset in Orlando. The final sale price was $18,000,000, equating to more than $119 per square foot.
A Cushman & Wakefield team of Mike Donaldson and Nick Meoli represented the seller, Lohman Apartments. DASMEN Residential acquired the property.
“Orlando on the Lake marks the 50th transaction of the year for Cushman & Wakefield’s Florida Multifamily team,” said Donaldson. “With its unique lakefront setting and views of downtown Orlando, this was an excellent repositioning opportunity that received significant interest from the investment community.”
Located at 701 South Ivey Lane, Orlando on the Lake is a 151,230-square-foot, 25-building multifamily asset with 189 units. 97 percent of the community has been upgraded in the last seven years with newer kitchen cabinetry, granite countertops, tile flooring, new appliances and updated HVAC units. The units consist of 33 one-bedrooms, 105 two-bedrooms and 51 three-bedrooms.
“DASMEN is pleased to have closed on its first property in the Orlando market. We have rebranded the asset as Avalyn West upon takeover. Our plan is to transform this community into another one of our Best Places to Live through a value add strategy that includes a resort-style pool as well as unit upgrades,” added Michael Katz, Chief Executive Officer of DASMEN Residential.
Orlando on the Lake has a gated perimeter with key card access and boasts lake frontage, a playground, on-site laundry facility, on-site leasing office and lake views in select units.
“The buyer has plans for a significant value-add program to enhance the community and take advantage of the property’s central location,” said Meoli. “The acquisition marks the buyer’s first entry into the state and we are thrilled to watch them continue building their portfolio and targeting value-add communities in high-growth areas.”
Orlando on the Lake is centrally located close to Downtown Orlando, Metrowest, Mall at Millenia, The Camping World Stadium and Valencia College West’s campus, as well as surrounded by a multitude of other retail and restaurant options.