Orlando, FL

CBRE Investment Management Closes $73 Million Mortgage Loan for 442-Unit Multifamily Community in Orlando, Florida

18 Jan 2022

cbre-investment-management-closes-73-million-mortgage-loan-for-442-unit-multifamily-community-in-or

A fund sponsored by CBRE Investment Management closed on a $73 million mortgage loan to finance the sponsor’s acquisition of a leasehold interest in a newly delivered 442-unit Class A apartment complex in Orlando, Fla. The property, known as West Vue Apartments, is on a 99-year ground lease from Safehold, Inc. The sponsor is a JV partnership between affiliates of Phoenix Realty Group and National Property REIT Corp. 

West Vue, located at 5915 Raleigh Street in Orlando’s Southwest/435 submarket, was completed in 2021 and is currently 95% leased. Units at the property feature stainless steel, energy efficient appliances; center islands with breakfast seating; Wi-Fi connected thermostats; luxury vinyl-plank flooring; walk-in closets with built-in shelving; full size in-unit washer/dryers; and balconies or patios in select units. Community amenities include a 24-hour fitness center and clubhouse; two resort-style pools with private cabanas and a grilling area; a media and game lounge with billiards and a bar, complete with a demonstration kitchen; a rentable private office/study space; a children’s playground; a dog park; private bicycle storage, gated community with key access; and covered parking.

“West Vue achieved strong leasing velocity despite delivering during the COVID-19 pandemic, which we believe speaks to the high-quality nature of the asset,” said Michelle Liu, Managing Director for CBRE Investment Management. “The property is well located within the MetroWest community and is only a short commute to Downtown Orlando and the city’s other employment hubs. This investment is a great addition to our team’s portfolio and we are pleased to have worked with both Newmark and the sponsors on this transaction.”  

Newmark acted as the mortgage broker in the transaction.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the assets under management, fair market value of real assets-related investments with respect to which CBRE Investment Management 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 assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.