Ivy Residences Goes to Passco for $54M

Passco Cos. LLC snagged the newly constructed Ivy Residences at Health Village, a 248-unit multifamily property in Orlando’s Florida Health Village. The property, which sold for $53.5 million, is also within walking distance of Orlando’s Sun Rail commuter system. Shelton Granade with CBRE brokered the transaction.

Atlanta-based Wood Partners and Ustler Development of Orlando began construction on Ivy Residences in 2013. Wood Partners will continue managing the asset at 2650 Dade Ave. The area is home to the second-largest hospital in the United States.

“Nowhere are we seeing more progressive and innovative development than in Orlando, Florida,” said Colin Gillis, vice president of Passco’s acquisitions, southeast, who added that Orlando is investing nearly $8 billion in infrastructure and transportation projects.