Saturday, April 30, 2016

Passco Cos. Acquires Core Multifamily Community for $53.5 Million in Florida’s Hospital Health Village

The Ivy Apartments, Florida Hospital Health Village, Orlando, FL

Colin Gillis
ORLANDO, FL – Passco Companies, LLC has acquired The Ivy, a 248-unit, Class A+ newly constructed multifamily community located in Florida Hospital Health Village in Orlando, home to the second largest hospital in the nation, for $53.5 million.

“The Orlando market is currently undergoing tremendous growth,” says Colin Gillis, Vice President of Acquisitions, Southeast for Passco Companies. “According to a recent report by the U.S. Department of Labor, Orlando created more jobs than any other metropolitan area in the nation in 2015, ranking first for employment gains and second for population growth.”

Gillis explains, “This rapid job creation, especially in the healthcare sector, coupled with the huge immigration of workers will continue to drive demand for multifamily housing in the area, making this a strong addition to our existing portfolio.”

Situated along the I-4 Corridor, this transit-oriented property benefits from its prime location near major employment centers and is the only multifamily property within Florida Hospital’s Health Village, which is home to more than 10,000 high-quality healthcare jobs. 

The rapidly-expanding employment base within The Health Village is all right at the front-door of The Ivy.  In addition to serving the local community of healthcare workers, The Ivy also offers convenient access to commuter transit options and jobs throughout the Orlando metro. 

Shelton Granade
The Ivy is within a 5-minute walk of one of four downtown stops for Orlando’s 62-mile Sun Rail project making all of Orlando highly accessible from the Property without the need of a vehicle.

“Nowhere are we seeing more progressive and innovative development than in Orlando, Florida,” continues Gillis. 

“The City of Orlando recently invested nearly $8 billion in infrastructure and transportation projects, inclusive of the Sun Rail commuter line and an expansion of the I-4. 

"The Ivy’s location in close proximity to these major transit systems will drive demand for the property, providing an opportunity to deliver stabilized yields to our investors.”

Constructed in 2015, The Ivy features luxury amenities including multi-level pool decks with a resort-style swimming pool, a state-of-the-art fitness center, and yoga studio. The apartment community also offers immediate access to trendy downtown areas including upscale shopping, dining, and entertainment options.

The Ivy is located at 2650 Dade Avenue in Orlando, Florida. Shelton Granade, Vice Chairman at CBRE represented Passco and the seller.

Chris Black of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Companies through Fannie Mae.

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

Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940

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