Newmark Knight Frank Multifamily announces the sale and financing of Avisa Lakes a 292-unit, community in Orlando. The two- and three-story garden product surrounds an expansive interior lake and was approximately 95 percent occupied at the time of sale. The property’s proximate location to Orlando’s major thoroughfares allows convenient access to southeast Orlando’s largest employers including the AdventHealth East Orlando Hospital which contains 295-beds and the Orlando International Airport which employs 18,000 individuals.
Senior Managing Director Scott Ramey and Vice Chairman Patrick Dufour represented the seller Chicago-based Oak Residential Partners in the sale to Lloyd Jones. Vice President Fernando Riboli represented the buyer in the acquisition financing through NKF’s Agency financing channel.
According to Ramey, “The sale of Avisa Lakes is a great example of the strength and evolution of the Goldenrod submarket in east Orlando. We initially sold the property to the current owner in 2016 and since then, two new assets have delivered in the comp set which have helped to lift rents in the immediate area. Because of the improvements that current ownership has implemented, both interior and exterior, the new owner will have the opportunity to further enhance the property and take advantage of the strong growth trends currently taking place throughout the submarket.”
Riboli added, “Avisa Lakes is a well-built and well-located apartment community in the growing submarket of Goldenrod. Freddie Mac was identified as the ideal lender for the transaction because of their exceptional terms that aligned with Lloyd Jones’ capital enhancement plan for the asset. With a five-year interest only period, Lloyd Jones locked into an attractive rate that will allow them to deliver superior returns on their investment and for their investors.”
Constructed in 1986, six distinct one- and two- bedroom floor plans attract a diverse resident base. The property features a renovated business center with Starbucks coffee, renovated game room, fully renovated fitness center, pool area with outdoor summer kitchen, a sport court with soccer and bocce ball and two dog parks.
