Robert Given, Jay Ballard and Ken Delvillar Negotiated the Sale and Robert Kaplan, Chris Lentz and Mark Rutherford Arranged the Financing of the 240‐Unit Luxury Apartment Community
ORLANDO, FL, February 27, 2018 — Cushman & Wakefield has arranged the sale and financing of Murano Apartments, a 240-unit luxury multifamily apartment community in the South Orlando/Hunters Creek submarket.
The Cushman & Wakefield Multifamily Advisory team of Robert Given, Jay Ballard and Ken Delvillar represented the partnership of The Courtelis Company, Kislak Organization and HMG/Courtland Properties in the disposition. Aventura, FL-based Cardone Real Estate Acquisitions, LLC acquired the asset. Cushman’s Equity, Debt and Structured Finance team of Robert Kaplan, Chris Lentz and Mark Rutherford arranged the senior debt on behalf of the buyer.
Murano Apartments is a three-building, four-story suburban mid-rise multifamily community built in 2016 on a ±9.5-acre site at 9932 Grande Lakes Boulevard. Located in southern Orlando, between Disney and the Orlando International Airport, the property is walking distance from local schools and Darden’s 650,000-square-foot corporate headquarters. Murano Apartments is also minutes away from SeaWorld and Aquatica via Central Florida Parkway, and just north of the 500-room Ritz-Carlton and 1,000-room JW Marriott at Grande Lakes.
Murano Apartments offers a mix of one-, two- and three-bedroom units. The average unit is 976 square feet. The property was 95 percent occupied, and the average rent was $1,483 at the time of sale.
Units at Murano Apartments offer stylish, comfortable and functional floor plans with nine-foot ceilings, wood-finish vinyl plank flooring in the common areas, designer Italian cabinetry, granite countertops and stainless steel appliances. Units also feature kitchen backsplashes, modern pendent lighting, ceiling fans, full-sized washer and dryers and high-speed fiber optic service.
The community offers lush landscaping; walking trails; a heated saltwater pool; a poolside lounge area with a 1,600-square-foot covered pavilion, summer kitchen, outdoor TV and wet bar; a courtyard with a fire pit and Zen relaxation zone; a fenced dog park; and a modern clubhouse with an internet café, coffee bar, fitness center, game room, meeting room, lounge space and access to 24-hour package lockers.
Murano Apartments is the 13th community in Cardone Real Estate Acquisitions, LLC’s 2,606-unit Florida portfolio. The property represents the buyer’s first foray into the Central Florida apartment market.
“Murano Apartments garnered significant investor interest as the first residential mid-rise to become available for acquisition in the South Orlando/Hunters Creek submarket during the current development cycle,” said Ballard.
Added Delvillar, “The property’s proximity to the heart of the tourist commercial corridor, major employment centers and Orlando’s arterial roadways coupled with its unique architectural elements, incomparable views, top-of-market interior finishes and common areas, further drove interest in Murano Apartments as a desirable investment opportunity.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
David A. Meyer
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