Utah Investor Enters Florida Market with 312-Unit Buy
Millburn & Co. made its first move into Florida, acquiring Alta at Eastmar Commons, a 312-unit, high-end apartment complex in Orlando, FL. The Salt Lake City buyer paid developer/seller Wood Partners $56 million for the property, which is situated on 15 acres at 10038 Vista Laguna Dr.
For its money, Millburn & Co. now has a brand-new asset that features 14 three-story apartment buildings, and amenities including a fitness center, tech lounge with computer workstations, coffee bar, sports lounge with billiards room, a pet park and spa, a yoga studio and cycle room.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill represented the seller. Granade noted that the property is in a market with strong fundamentals, including the nation’s highest rent growth. “The property is well-positioned for rent gains, now that it’s stabilized,” he added.
Millburn owns close to 5,300 apartments across 20 properties, which are concentrated in the southwest and northwest U.S. And, according to GrowthSpotter, the buy was a diversification play for M&C. “We wanted to pick growth markets on the east coast, and felt there was still a discount-to-replacement cost that we weren’t seeing in the west,” M&C’s Principal and CEO Jed B. Millburn told GrowthSpotter. He went on to say that the $180,929 price per unit was below the company’s estimated replacement costs in the market of $200,000.
Millburn & Co. said it would like to have 1,500 to 2,000 units in Florida within the next two years.
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