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Jones Lang LaSalle’s $48M sale of multifamily property proves Orlando market rebounding as economy improves
ORLANDO, July 9, 2013 — On behalf of Epoch Properties Inc., Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of Landmark at Universal, a 310-unit, garden-style, multifamily community located adjacent to Universal Studios Theme Park in Orlando. Bell Properties purchased the asset for $48.26 million or $155,677 per unit.
International Director Jubeen Vaghefi and Managing Directors Jeff Morris and Denny St. Romain led the Jones Lang LaSalle team on this transaction.
“This offering provided a rare opportunity to acquire a luxury, institutional-quality asset ideally located in the mecca of Orlando’s tourist corridor,” said Morris. “Florida’s strengthening economy has driven an increase in multifamily rents and values and we expect this trend to continue. Investor interest was quite strong for the property, given its fantastic location and Epoch’s superior management and maintenance.”
Built in 2011, Landmark at Universal is situated on an 11.97-acre site at 6350 Vineland Road. It includes 10 three-story apartment buildings and one two-story carriage-style building. It features an opulent clubhouse, 24-hour fitness center, resort-style pool and spa, professional business center, billiards/game room, a theater and multi-media presentation room, an elegant club room with bar area and outdoor barbeque grilling area. The Landmark at Universal is also a 2012 Aurora award winner for architectural excellence.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Epoch PropertiesSince 1970, Epoch Properties has put their benchmark of quality first, in the development of over 32,000 family living units in over 55 cities, from Florida to California. As one of America’s most respected and diversified private real estate companies, their commitment to creating the finest homes and communities starts with a foundation of trust. Combined with their unique ability to execute all details in the development process, they are committed to excellence. Valued in excess of $2.5 billion dollars, their communities have received national attention for excellence in architectural innovation and creative design, as well as planning and foresight that ensures each properties value for years to come. As a full-service development company, Epoch Properties is well known for its successful track record of developing landmark, large-scale developments of lasting quality and architectural excellence.
About Bell Partners Inc.Bell Partners Inc. is one of the country’s leading apartment investment and management companies. The company invests capital on behalf of accredited high net worth and institutional investors. Through its Bell Apartment Living division, the company is the 10th largest apartment operator in the United States, according to the National Multi-Housing Council. Founded more than 35 years ago and now employing approximately 1,700 associates, Bell Partners oversees a portfolio valued at almost $5 billion across 16 states, mostly in the Mid-Atlantic, Southeast and Southwest. Bell Partners now owns or operates 244 apartment properties, located generally in the Mid-Atlantic, Southeast and Southwest. Bell's portfolio includes more than 68,000 apartments.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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