Jay Ballard, Ken Delvillar and Mike Kemether Represented Timbercreek Asset Management in the Disposition of the 296-Unit Orlando Multifamily Community
Cushman & Wakefield announced today that it has negotiated the sale of Landmark at Lake Ellenor, a 296-unit multifamily community in Orlando’s South Central submarket.
Senior Director Jay Ballard and Senior Director Ken Delvillar of Cushman & Wakefield’s Orlando Capital Markets Multifamily Advisory Group, along with Vice Chair Mike Kemether of Cushman & Wakefield’s Atlanta Capital Markets Multifamily Advisory Group, represented Toronto-based seller Timbercreek Asset Management in the disposition. Tampa-based investor Robbins Electra acquired the asset for $26.2 million ($88,513 per unit).
Landmark at Lake Ellenor is a 247,024-square-foot community developed in 1973 on a 25.5-acre site. Units feature open floor plans, well-equipped kitchens with upgraded fixtures and finishes throughout, skylights, sunken living rooms and over-sized screened lanais. Select units offer 20-foot vaulted ceilings. Community amenities include a 24-hour fitness center, two pools featuring sundecks and summer kitchens, a dog park, outdoor lounge and clubhouse housing an Internet café and coffee bar. The average unit size is 835 square feet. The community was 98 percent occupied at the time of sale.
Landmark at Lake Ellenor is located at 2100 West Oak Ridge Road, one half mile west of U.S. 441 and a little over two miles east of Interstate 4. This location offers immediate access to south Orlando’s major employment centers, including Orlando Central Park (Florida’s oldest office and industrial park), Walt Disney World, Universal Orlando, Sea World, Darden Restaurants, Lockheed Martin, The Florida Mall and The Mall at Millenia.
“Landmark at Lake Ellenor was an outstanding investment opportunity in one of Orlando’s most promising submarkets,” said Ballard. “We’ve seen double-digit rent growth in the the South Central submarket in recent years, and this asset should continue to benefit from its location immediately adjacent some of Central Florida’s largest employers.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com
