Done Deals: Orlando apartments sold; $46.2 million of acquisition financing secured

Monday, February 8, 2021

Orlando apartments sold; $46.2 million of acquisition financing secured

Jennifer Swanson

ORLANDO, FL – JLL Capital Markets announced it has arranged the sale and $46.2 million acquisition financing of Grandewood Pointe, a garden-style apartment property located in Orlando, Florida.

Tarik Bateh

JLL represented the seller, Bluerock Real Estate, in arranging the sale to the buyer, a joint venture led by Lloyd Jones.

JLL also arranged the 10-year, fixed-rate loan through Fannie Mae’s Green Rewards Program. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Grandewood Pointe, formerly known as Arium Grandewood, consists of 306 one-, two- and three-bedroom units.

The new owner plans renovations to the building’s exterior, community amenities and units, including new countertops, vanities and lighting.

Current community amenities include a courtyard, barbecue and picnic area, playground and business center.

Drew Jennewein

Located at 3701 Grandewood Blvd., right off the tranquil, lakeside setting of Central Florida Parkway, Grandewood Pointe is proximate to Orlando’s largest employment hubs, including Lockheed Martin and Lake Nona’s Medical City, and a short 20-minute drive to Downtown Orlando.

The JLL Capital Markets team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar.

The team representing the borrower was led by Senior Managing Director Elliott Throne, Director Jesse Wright, Senior Director Tarik Bateh, and Associates Jennifer Swanson and Drew Jennewein.

Jesse Wright

“This was a true core-plus value add opportunity given that only 15 of the 306 units had been updated and the remaining units all being in original condition,” said DelVillar.

“Agency rates remain incredibly competitive in this market, especially given a Class A property and the experienced sponsorship of Lloyd Jones,” continues Wright.

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform.

The division employs approximately 400 professionals who provide comprehensive investment sales advisory and disposition services with access to thousands of domestic and foreign investors.

JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

Jay Ballard

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 advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

Ken DelVillar

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020.

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.