Berkadia Institutional Solutions, powered by Moran, announces it has arranged the sale of San Mateo Crossing, a 352-unit, Class AA luxury, garden-style apartment community located in Kissimmee (Orlando MSA), Florida. Managing Directors Brett Moss and Matt Wilcox, and Associate Director Tyler Swidler of Berkadia Orlando represented the sellers: Eastwind Development, a multifamily developer based in Palm Beach Gardens, Florida and Aztec Group, a leading commercial real estate firm, based in Miami, Florida.
Senior Managing Director Aaron Cardwell of Berkadia Phoenix arranged acquisition financing on behalf of the buyer, a joint venture between Apex One Investment Partners, a Houston-based investment manager, and Balfour Beatty Communities, an owner/operator of multifamily properties headquartered in Philadelphia, Pennsylvania.
Walton Street Capital provided a three-year, interest-only bridge loan.
“The sale of San Mateo Crossing represented a tremendous opportunity to acquire a newly constructed, stabilized garden apartment asset, located within one of the nation’s fastest growing counties,” noted Moss. “Investors have taken note of Orlando’s strong resurgence in recent months, and apartment fundamentals across Central Florida continue to impress.”
Built in 2019, San Mateo Crossing is located at 1115 Pacifica Drive, and enjoys an advantageous location, nestled between two of Orlando’s prominent employers: Orlando Health and the campus of Tupperware Brands corporate headquarters. The property offers one-, two-, and three-bedroom apartments ranging from 664 square feet up to 1,272 square feet. Individual units feature nine-foot ceilings, stainless-steel appliances and granite countertops, walk-in closets with built-in shelving, washer and dryer, wood plank style flooring in main living areas and spacious balconies and patios. Community amenities include a resort-style pool, fitness center, theater room, outdoor kitchen, media and game room, a business center and gated bark-park.
Aptly named, San Mateo Crossing is located directly across Orange Avenue from the Tupperware SunRail Station, enabling an auto-less commute to countless Orlando employment and lifestyle opportunities, as well as future planned connections to the Orlando International Airport and Brightline rail expansion in coming years.