Millburn & Co Acquires MultiFamily Asset In Orlando For $57M
SOLD
$57,000,000
Florida
See Similar DealsMultiFamily
SOLD
Millburn & Co Acquires MultiFamily Asset In Orlando For $57M
5215 Millenia BLVD, Orlando, FL, 32839
See Similar DealsMultiFamily
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The Place on Millenia is a 371-unit apartment community located along the I-Drive Corridor in Orlando, Florida. The property was sold for $57,000,000.00. The asset offers one- to three-bedroom floor plans and amenities such as a fitness center, clubhouse, and a swimming pool with sundeck and cabanas.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $57,000,000.00
- Address: 5215 Millenia BLVD, Orlando, FL, 32839
- Market: Orlando
- Seller's Representative: Kevin Judd (ARA Newark)
- Buyer: Millburn & Co
Scott Ramey and Kevin Judd of ARA Newmark represented the seller, B&M Management, in the transaction. Millburn & Co acquired the property. Additionally, Matthew Williams of NKF Capital Markets secured a seven-year, $40 million Freddie Mac acquisition loan for the buyer with two years of interest-only payments and a floating interest rate of 3.51 percent.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,040,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$202,508.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$270,209.08
Annual Debt Service$3,242,508.96
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