JLL Capital Markets announced that it has arranged the successful sale of M2 at Millenia, a 403-unit, core mid-rise multifamily asset located in Orlando, Florida.
JLL worked on behalf of the sellers, JSB Capital Group and BLD Group. The buyer was Independence Realty Trust, Inc.
Built in 2019, M2 at Millenia is a five-story structured parking asset offering a mix of one-, two- and three-bedroom units, with an average unit size of 943 square feet. Apartments boast luxury finishes including sleek granite countertops, energy-efficient stainless steel appliances, spacious closets and in-home washers and dryers.
Community amenities include a resort-style pool, 24-hour fitness center, yoga studio, entertainment lounge with kitchen and bar and outdoor grilling areas. In addition to the residential units, M2 at Millenia features 4,216 square feet of ground-floor retail space with four tenants which maintained 100% occupancy throughout the marketing process and at the time of award.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Directors Ted Taylor and Kyle Butler.
“M2 at Millenia presented investors with an excellent opportunity to acquire a core mid-rise asset with in-place SB102 tax savings in a prime Orlando location,” said Taylor. “The property’s high occupancy, attractive below-market assumable debt, and value-add potential made it a compelling investment.”
“We continue to see strong investor demand for well-located multifamily assets in high-growth Florida markets like Orlando,” added Butler. “M2 at Millenia’s proximity to major retail and employment centers, coupled with its modern amenities, positions it well for long-term performance.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
