Monday, April 20, 2015

C&W Brokers Sale of Tortuga Bay Apartments in Orlando, FL


Tortuga Bay Apartment Homes, 12932 Mallory Circle, Orlando, FL

ORLANDO, FL – Cushman & Wakefield announced today that Director Ken Delvillar and Senior Director Jay Ballard have brokered the sale of Tortuga Bay Apartment Homes.


Jay Ballard
Ballard and Delvillar represented an unnamed REIT in the sale of the 314-unit, Class A community located at 12932 Mallory Circle in Orlando, Florida. Tortuga Multifamily Orlando LP purchased Tortuga Bay for $49,612,000 ($158,000 per unit/$141.34 per square foot).

Tortuga Bay was constructed in 2014 and offers a distinctive mix of one-, two-, and three-bedroom floor plans totaling 351,010 square feet (1,118 square feet per unit).

Units feature contemporary interiors, granite island countertops, built-in computer workstations, black-on-black appliances, microwave, nine-foot ceilings, crown molding, screened-in porches, washers and dryers in every unit, extensive landscaping, and a luxurious amenity package consisting of oversized clubhouse, state-of-the-art fitness center, and zero-entry, resort-style pool.

Tortuga Bay is ideally situated with visibility along the East-West Expressway (State Road 408) with average drive-by-traffic of nearly 50,000 vehicles per day. 

The community is adjacent to Waterford Lakes Town Center, a 1.1 million square-foot power center which is home to more than 100 stores and anchored by Best Buy, Home Depot, SuperTarget, and Sports Authority.

Ken Delvillar
Tortuga Bay resides in the East Orange/UCF submarket as defined by Charles Wayne Consulting, Inc. This submarket includes 127 communities housing 33,344 units. The East Orange/UCF occupancy rate of 96 percent is outperforming the MSA average by 52 basis points.

The community also serves the University of Central Florida (UCF), the nation’s second-largest university three miles to the north. UCF’s on- and off-campus housing stock of approximately 15,000 units falls well short of accommodating an enrollment fast approaching 62,000 students, creating tremendous demand for off-campus housing nearby.

“Tortuga Bay represented the opportunity to acquire a best-in-class luxury multifamily asset with incredible upside in a dynamic submarket,” said Delvillar.

 “The buyer has recognized a tremendous opportunity to capture added value by aligning Tortuga’s rents with comparable communities within the market.”

This investment marks the buyer’s first venture into the Florida market.

 For a complete copy of the company’s news release, please contact:

Ken Delvillar
Director
(407) 541-4441

Jay Ballard
Senior Director
(407) 541-4406

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