Cushman & Wakefield Negotiates $47 Million Multifamily Sale

Jul 25, 2017 No Comments by

Cushman & Wakefield has negotiated the sale of Advenir at Broadwater, a 408-unit suburban multifamily apartment community in Orlando.

Senior Directors Jay Ballard and Ken Delvillar represented Advenir in the disposition.

Emma Capital acquired the asset for $47 million.

Advenir at Broadwater is a 408-unit, two-story suburban garden multifamily community built in 1988 on 22.9 acres at 6677 Tanglewood Bay Drive in Orlando. The property is centrally located in the heart of Orlando’s tourist/commercial corridor with visibility along International Drive and Westwood Boulevard.

The property gives residents easy access to Orlando’s theme parks and Central Florida shopping destinations. Community amenities include two resort-style swimming pools and spas, a renovated clubhouse, a fitness center with free weights, a racquetball court, a business center, picnic areas, grilling station, Bark Park and on-site management.

This is the first Central Florida acquisition for Emma Capital, which assumed a Freddie Mac loan with six years remaining. Emma Capital will continue to execute a value-add renovation program on approximately 50 percent of the non-upgraded units.

 

“Advenir at Broadwater was an affordable alternative to the abundant pipeline of new multifamily construction in greater Orlando,” said Ballard. “This is a value-add opportunity in a premium location, with excellent access to all that Orlando has to offer.”

 

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