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| 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.
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| 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.
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| 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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