Institutional Property Advisors Closes Orlando Area Multifamily Sale
ORLANDO, Fla., July 19, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Legends at ChampionsGate, 252-unit multifamily property in Championsgate, a planned community in the Orlando, Florida metropolitan area.
“Orlando is ranked No. 2 in the nation for projected job gains over the next five years and in 2020 was No. 3 in the nation in terms of net migration,” said Shelton Granade, IPA executive managing director. “The Legends at ChampionsGate is ideally positioned to benefit from these trends going forward.” Granade and IPA’s Luke Wickham, Justin Basquill, and Sean Williams represented the seller, The Milestone Group, and procured the buyer, global real estate private equity firm, Taurus Investment Holdings. The investment represents Taurus’ fifth multifamily acquisition in Central Florida.
“Legends at ChampionsGate is a high-quality asset and its profile aligns well within our multifamily strategy,” said Nick Clark, managing director of Taurus Investment Holdings. Adjacent to Omni Resort Orlando and a 36-hole championship golf course, the property is within walking distance of a Publix-anchored shopping center with a wide variety of restaurants and retail. The property is highly visible and accessible from Interstate 4 and 10 minutes from the entrance to Walt Disney World Resort. AdventHealth Celebration and six other hospitals are nearby and the new high-tech manufacturing campus in Kissimmee and a logistics and distribution hub home in Davenport are a short commute away.
Constructed in 2002, the three-story garden-style asset has a tropical setting around a lake with a water feature. Amenities include a resort-inspired lakeside pool area with sundeck, 24 detached garages and 18 covered carports. The unit mix contains four-bedroom floor plans and the average unit size is 1,004 square feet.
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About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com