Berkadia Arranges $97.5 Million Sale of Brand-New Class AA Garden Style Asset in Orlando’s Award-Winning MetroWest Community
ORLANDO (January 11, 2022) – Berkadia announces it has arranged the sale of West Vue, a 442-unit, brand-new, luxury garden-style apartment community within Orlando’s sought-after and award-winning MetroWest master-planned community. The property is encumbered by a long-term ground lease, a unique concept to multifamily housing product in Central Florida.
Managing Directors Matt Wilcox and Brett Moss, Associate Director Tyler Swidler, and Senior Managing Director Cole Whitaker of Berkadia Orlando, Investment Sales marketed the property on behalf of the seller, RISE: A Real Estate Company, a multifamily real estate development, management, and construction company based in Jacksonville, FL. A joint venture between Phoenix Realty group and Prospect Capital acquired the property for $97.5 million.
“As West Vue continued along its robust lease-up trajectory, the buyer was presented with the rare opportunity to acquire a stunning asset with unique upside in one of Central Florida’s top institutional and most tightly traded submarkets,” said Wilcox. “Given the lack of available development sites left in MetroWest for future multifamily product, West Vue is in a prime position to benefit from years of robust renter demand ahead,” added Moss.
Built in 2021 and located at 5915 Raleigh Street, West Vue offers one-, two- and three-bedroom apartments averaging 759 square feet to 1,369 square feet. Individual apartments feature nine-foot ceilings, wood-plank style flooring, designer pendant lighting, stainless steel energy-efficient appliances, granite countertops, contemporary cabinetry with designer shelving, center island with breakfast bar seating, side-by-side refrigerators, walk-in closets with built-in shelving, walk-in showers, dual vanities, full-sized washer and dryers and spacious balconies and screened-in patios. The gated community with controlled access amenities include two resort-style swimming pools with sun shelves and private cabanas, a 24-hour expansive clubhouse with Wi-Fi, a media and game lounge, rentable private offices and study spaces, a 24-hour fitness center, full yoga studio, expansive courtyards, a dog park, children’s playground and a summer kitchen with grills.
Located within the 1,800-acre community of MetroWest, West Vue benefits from rare suburban walkability to day-to-day retail conveniences including a Walgreens, 24 Hour Fitness, Wawa, and Bravo grocer (under construction), among others. The property is also situated just north of Valencia College’s West Campus and is within a 15-minute drive to popular Orlando destinations including Universal Studios, Downtown Orlando, Walt Disney World, and a host of world-class shopping options at The Mall at Millenia, Orlando International Premium Outlets, and the International Drive entertainment corridor.