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Lennar sells new Orlando rentals for $42.8 million

Lennar sells new Orlando rentals for $42.8 million
Lennar’s multifamily arm sold the 252-unit property for about $170,000 per unit
October 23, 2016 02:00PM

The Crest at Millenia apartments (Source: Apartment Guide)

Miami-based Lennar Corporation’s multifamily arm sold a newly built apartment complex in Orlando for $42.8 million to an Atlanta investment firm’s affiliate.
An affiliate of Centennial Millenia LLC bought the 252-unit Crest at Millenia apartments for about $170,000 per unit.
Lennar Multifamily Communities LLC finished building the three-story, garden-style apartment complex last year. It is located near Interstate 4 and Florida’s Turnpike, just east of Orlando International Premium Outlets.
In a marketing package, brokerage firm Cushman & Wakefield described the rental property as a “core” investment asset abutting the commercial hub of Orlando’s Millenia submarket, with ample access to upscale retail stores, restaurants and entertainment venues.
The Orlando Sentinel reported October 3 that Lennar paid $7.35 million for 38 vacant acres bordering a golf resort near Disney World. The home building company bought the former agricultural land for about $193,000 per acre. The Sentinel also reported the land is bordered on three sides by a public golf resort called Orange County National Golf Center.[Orlando Business Journal] – Mike Seemuth

Source: The Real Deal

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