Cushman & Wakefield announced that the firm has represented MTK Developments in the investment sale of Allure on Enterprise, a 130-unit build-to-rent (BTR) community in DeBary, Florida, near Orlando.
Cushman & Wakefield’s Nick Meoli, Joey Blakley and Mike Donaldson represented MTK in its transaction with KRI Partners.
Completed in 2023, Allure on Enterprise is 98% occupied and includes a comprehensive amenity package including gated access, a modern clubhouse, a resort-style swimming pool, a fully equipped fitness center, a dedicated yoga studio, a dog park with a wash station, EV charging station and a playground.
Population growth in the submarket is expected to exceed 10% over the next five years, and multifamily absorption remains elevated, with the area absorbing more than 80% of new deliveries in 2024, when multifamily construction and development declined overall.
“The property garnered strong early interest through marketing efforts, attracting attention from both traditional multifamily investors and specialized BTR groups,” said Meoli, Cushman & Wakefield Vice Chair. “These parties were drawn to the community’s distinctive product type, which is unique for the area, and its potential for organic rent growth, particularly as the Orlando MSA continues to experience record absorption rates amid a backdrop of limited new construction starts.”
Added Blakley, Cushman & Wakefield Senior Director, “This project marked the second BTR development in the U.S. by the seller, international firm MTK Developments. The buyer, KRI Partners, recognized a compelling opportunity to acquire a newly constructed, differentiated asset that complements their existing multifamily portfolio in Florida. The acquisition also presents upside potential through mark-to-market adjustments and light value-add enhancements to further elevate the community.”
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture.
