Cushman & Wakefield Negotiates Sale, Arranges Acquisition Financing For The Element At MetroWest

Jul 13, 2016 No Comments by

Cushman & Wakefield has negotiated the sale of The Element at MetroWest, a 301-unit Class A fractured condominium community located at 2207 Lake Debra Drive.

The multifamily brokerage team of Executive Director Jay Ballard and Senior Director Ken Delvillar represented a joint venture of Miami-based TM Real Estate Group and Calgary-based Optimus US Real Estate Fund in the disposition. New York-based Phoenix Realty Group (PRG) acquired the asset for $34.9 million, or $115,947 per unit.

A Cushman & Wakefield Equity, Debt and Structured Finance team of Managing Director John Alascio, Senior Managing Director Michael Ryan, Senior Director Jeff Walker, Director Sridhar Vankayala and Analyst Andre Hass arranged $26.25 million of fixed-rate Fannie Mae acquisition financing through Capital One for PRG.

 

“The Element at MetroWest was one of the few remaining fractured condo assets in Central Florida and provided investors with an incredible value-add opportunity,” said Ballard. “New ownership will be able to capitalize on its location in one of Orlando’s top submarkets through a continued capital improvement campaign on unit interiors and amenities, which should result in substantial rent increases.”

 

“There was strong interest from both the agencies and traditional lenders given the strong sponsorship and high-quality nature of the asset,” said Alascio. “Capital One understood our client’s needs and was able to provide a seamless execution in an expedited timeframe.”

 

“The property’s strong cash flow coupled with its upside potential in the hands of an experienced, proven sponsor, made the transaction attractive to lenders,” added Vankayala.

The Element at MetroWest is a gated, 301-unit, Class A, fractured condominium complex built in 1996 in Orlando’s MetroWest master-planned community. The property is comprised of 19 buildings with a mix of one-, two- and three-bedroom units. Unit finishes include nine-foot and vaulted ceilings, walk-in closets, full-size washers and dryers as well as patios and solariums. Select units include garden tubs and conservation area views. The average unit size is 1,003 square feet.

Significant capital improvements to The Element at MetroWest were made in recent years, including the upgrade of 64 kitchens with granite countertops, new appliances, European cabinets and brushed nickel light and plumbing fixtures. Previous ownership also replaced windows, air handlers, condensers and water heaters throughout the property.

The Element at MetroWest is situated along the seventh and eighth holes of the MetroWest Golf Course in Orlando’s Southwest Orange submarket, providing access to some of the region’s largest employers and retailers, as well as recreational and entertainment venues. The property offers convenient access to all of Central Florida’s major thoroughfares, including Interstate 4, Florida’s Turnpike, S.R. 408 and S.R. 528.

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Industry News, Multi-Family, NA
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