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