Orlando, Fla
CBRE Global Investors Acquires Two Multifamily Communities in Orlando Totaling 604 Units
01 Mar 2020
A fund sponsored by CBRE Global Investors has acquired two multifamily properties totaling 604 units in Orlando. The garden-style communities, known as Venetian Isle and Zen, are located four miles apart in Orlando’s Southwest submarket, easily accessible to the area’s largest employers. The communities were each 95% occupied at the time of deal close. The acquisition is aligned with the fund’s strategy of investing in target multifamily markets across the United States.
Delivered in 2018, Venetian Isle is a 346-unit multifamily property located at 6506 San Francesco Way in Windermere, Fla. The property spans 12 three-story garden-style buildings, seven carriage homes and nine townhomes. The apartments range in size from one to three bedrooms and offer spacious floor plans and high-end finishes. Residents have access to two clubhouses with amenities that include a pool, a jacuzzi, a dog park, a fitness center, a business center and a game room.
Zen, located at 9835 Namaste Loop in Orlando, was completed in 2017 and spans five three-story garden-style buildings and three carriage houses. The community offers 258 one-, two- and three-bedroom apartments. Residents of Zen have access to a zen-themed clubhouse, which features a sauna, a steam room, a full-service spa and floating chairs above a meditation pond. Additional amenities at the property include a fitness center, a business center, a game room, a pool, a jacuzzi and a dog park.
“Orlando continues to have one of the fastest growing economies with population and employment growth outpacing the nation. Accordingly, it is forecasted to be one of the highest ranked markets for future rent growth,” said Steve Gullo, Senior Managing Director of Multifamily Acquisitions for CBRE Global Investors. “We believe both Venetian Isle and Zen are ideally located with easy access to the area’s most notable employers. We expect that the buildings’ unique, superior construction with high-end finishes and comprehensive amenities will continue to attract residents and meet the growing rental demand in Orlando.”
Both Venetian Isle and Zen are located 30 minutes from Downtown Orlando. Venetian Isle is adjacent to the 47,000-square-foot Westside Shoppes and the 75,000-square-foot Publix-anchored Lakeside Village Center retail plazas, while Zen is a short eight-minute drive away.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
Delivered in 2018, Venetian Isle is a 346-unit multifamily property located at 6506 San Francesco Way in Windermere, Fla. The property spans 12 three-story garden-style buildings, seven carriage homes and nine townhomes. The apartments range in size from one to three bedrooms and offer spacious floor plans and high-end finishes. Residents have access to two clubhouses with amenities that include a pool, a jacuzzi, a dog park, a fitness center, a business center and a game room.
Zen, located at 9835 Namaste Loop in Orlando, was completed in 2017 and spans five three-story garden-style buildings and three carriage houses. The community offers 258 one-, two- and three-bedroom apartments. Residents of Zen have access to a zen-themed clubhouse, which features a sauna, a steam room, a full-service spa and floating chairs above a meditation pond. Additional amenities at the property include a fitness center, a business center, a game room, a pool, a jacuzzi and a dog park.
“Orlando continues to have one of the fastest growing economies with population and employment growth outpacing the nation. Accordingly, it is forecasted to be one of the highest ranked markets for future rent growth,” said Steve Gullo, Senior Managing Director of Multifamily Acquisitions for CBRE Global Investors. “We believe both Venetian Isle and Zen are ideally located with easy access to the area’s most notable employers. We expect that the buildings’ unique, superior construction with high-end finishes and comprehensive amenities will continue to attract residents and meet the growing rental demand in Orlando.”
Both Venetian Isle and Zen are located 30 minutes from Downtown Orlando. Venetian Isle is adjacent to the 47,000-square-foot Westside Shoppes and the 75,000-square-foot Publix-anchored Lakeside Village Center retail plazas, while Zen is a short eight-minute drive away.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $112.9 billion in assets under management* as of December 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.