Preferred Marks Third Buy in Twelve Months with GrandeVille on Avalon Park
ARA, A Newmark Company (ARA Newmark) announces the sale of GrandeVille on Avalon Park, a 487-unit, Class A apartment property in one of the most sought-after communities in Central Florida. The asset is Atlanta-based Preferred Apartment Communities’ third multihousing buy in the Orlando MSA in the past 12 months.
ARA Newmark Executive Managing Director Patrick Dufour, Associate Scott Ramey and Executive Managing Director Kevin Judd, along with Vice Chairmen Marc deBaptiste and Dick Donnellan, represented LeCesse Development Corporation (LeCesse) of Altamonte Springs, Florida, in the sale.
“Avalon Park is growing into one of the most desirable areas in the region due to the attractive lifestyle it offers, its top-rated schools, regional accessibility and proximity to employment, shopping and dining. Location combined with a high quality, garden-style product resulted in a tremendous level of interest in the offering,” Dufour said.
Constructed in 2008, GrandeVille on Avalon Park is located within Avalon Park, a 1,860-acre master planned-community in East Orlando nestled beside the Econlockhatchee River. Avalon Park has 240 acres of wetlands, 400 acres of upland preserve, 250 acres of manmade lakes, walking/biking trails and community amenities in the center of each neighborhood village. The mixed-use development includes approximately 3,400 single-family units, 1,431 multifamily units and more than half a million square feet of commercial space. Home prices range from $200,000 to over $500,000.
Ramey added, “GrandeVille on Avalon Park offers residents one of the best amenity packages in the submarket. That, as well as luxurious interiors, direct-access garages and the largest floor plans in the submarket, give the community a competitive advantage.”
The property features an average unit size of 1,394 square feet and well-designed floor plans, which include one-, two-, and three-bedroom units. Nearly half of the units include a direct-access garage (147 townhouses, 20 carriage homes and 72 apartments), with an additional 92 attached and detached garages and 168 storage units available to residents. Amenities include a 14,877-square-foot clubhouse with multiple gathering areas and an indoor basketball court; welcome center; cyber café; business center; game room with card tables, pool table and shuffleboard; resident kitchen and lounge; state-of-the-art fitness center with a Kid’s Corner; resort-style pool with a hot tub, waterscapes and cabana seating; and a Bark Park.
Judd explained, “LeCesse is known for building best-in-class products with exceptional amenities and interior finishes. The new owner will have the opportunity to implement additional interior upgrades throughout the property and further increase property performance.”
LeCesse is a multi-state developer and owner of multifamily properties across the eastern United States, with over $2.5 billion of completed income producing projects. Preferred Apartment Communities is a full-service real estate investment trust that focuses on the acquisition, asset management, property management and disposition of multihousing communities in select markets across the United States.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visitwww.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive OfficerHoward W. Lutnick. For more information, please visitwww.bgcpartners.com.
