Urban-Living Orlando Multifamily Asset Fetches $66.5 Million

Apr 29, 2015 No Comments by

Gallery MillsRecording a price per unit high in Orlando’s multifamily market this cycle, JLL’s Capital Markets experts announced the sale of The Gallery at Mills Park on behalf of DeBartolo Development.

An institutional investor purchased the 310-unit multifamily asset for $66.5 million, or approximately $215,000 per unit

International Director Jubeen Vaghefi and Managing Directors Denny St. Romain, Jeff Morris and Matt Wilcox led the JLL team on the transaction.

 

“The Gallery at Mills Park is located in Orlando’s trendy, contemporary Mills 50 District, which is quickly attracting today’s renter due to its ‘live, work, play’ status,” said Vaghefi. “Additionally, the asset features the latest apartment finishes and amenities.”

The Gallery at Mills Park is a Class AA, infill asset located in Downtown Orlando. As part of the 14.5 acre Mills Park mixed-use project, residents have trendy restaurants, chic health/beauty vendors and a Fresh Market grocer at their doorstep.

Unit interiors feature high ceilings, stainless steel appliances and kitchen islands. Community amenities include two pools, poolside grills and suites, an outdoor yoga platform, an outdoor zen area, a coffee bar, a spin room and fitness center.

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Industry News, Multi-Family, NA
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