Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of NORA, a six-story, 246-unit multifamily building with 9,263 square feet of ground floor retail in Downtown Orlando’s North Quarter district.
“With the best floor plans, amenities and features among its competitors, NORA attracts a strong resident base in a highly desirable infill location near the Central Business District,” said Shelton Granade, IPA executive managing director. Granade and IPA’s Luke Wickham and Justin Basquill represented the seller, GDC Properties, and procured the buyer, G.W. Williams Co.
NORA and Orlando’s North Quarter district are within minutes of two major hospital campuses for AdventHealth and Orlando Health. Downtown Orlando is walkable and transit-oriented, with access to multiple SunRail commuter rail stations. The area is encircled by Orlando’s exclusive Winter Park, College Park, Baldwin Park, Thornton Park, and Audubon Park neighborhoods. Nearby retail and dining districts include Mills 50, Ivanhoe Village, and the $2 billion Creative Village mixed-use development, home to the University of Central Florida and Valencia College’s downtown campuses.
Built in 2014, NORA is within walking distance of Lake Ivanhoe Park. The building has controlled access throughout and an integrated parking garage with over 400 spaces. Community amenities include a large resort-style pool, electric car charging stations and an expansive clubhouse. Apartments have nine-foot ceilings, floor-to-ceiling windows, and full-size, stackable washers and dryers. Select units have moveable islands with drawers and wine racks, private patios or balconies and views of the downtown skyline.