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PLK Communities LLC Acquires Harbortown Apartments Multifamily In Orlando For $86.1M

Property Image
SOLD
$86,100,000
Ryan Moody
KV

Florida

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MultiFamily
Sold 09/27/2023
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Property Image
SOLD

PLK Communities LLC Acquires Harbortown Apartments Multifamily In Orlando For $86.1M

2333 Lake Debra Drive

See Similar Deals
MultiFamily
Sold 09/27/2023
Ryan Moody
KV
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The Harbortown Apartments in Orlando's MetroWest area have been sold for $86.1 million, making it one of the top transactions in the region in 2023. This multifamily property consists of 428 units and is located at 2333 Lake Debra Drive in the thriving market of Orlando.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $86,100,000
  • Address: 2333 Lake Debra Drive
  • Market: Orlando

The buyer, PLK Communities LLC, represented by Peter Klekamp, acquired the property from LivCor LLC, with Kelly Vohs acting as the seller. The deal was facilitated by broker Ryan Moody of Newmark. Despite economic challenges, the sale of the Harbortown Apartments highlights the ongoing demand in Central Florida's multifamily market. Three subsidiaries of PLK Communities LLC were involved in the purchase, demonstrating their confidence in the region's real estate market.

Players

Ryan Moody
Newmark
Ryan Moody
7 deals$416.9M volume
BROKER
KV
LivCor
Kelly Vohs
3 deals$179.1M volume
SELLER

Details

SOLD
IMAGE: Ryan Moody, Peter Klekamp & Kelly Vohs DATE: 09/27/2023 ADDRESS: 2333 Lake Debra Drive MARKET: Orlando ASSET TYPE: Multifamily BUYER: PLK Communities LLC (@PLKCommunities) - Peter Klekamp (@PeterKlekamp1) SELLER: LivCor LLC (@LivCorLife) - Kelly Vohs (@KellyVohs) BROKERS: Ryan Moody - Newmark (@Newmark) SALE PRICE: $86,100,000 UNITS: 428 ~ PPU: $201,168 NOTE: Harbortown Apartments in Orlando's MetroWest area sold for $86.1 million, ranking among the region's top transactions in 2023. The property, purchased by three PLK Communities LLC subsidiaries, demonstrates ongoing demand in Central Florida's multifamily market despite economic challenges.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,591,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$305,895.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$408,157.93
Annual Debt Service$4,897,895.11