Luxury Orlando-area multi-housing community closes
JLL Capital Markets closed the sale of Falcon Square in Winter Garden, FL
ORLANDO, Dec. 7, 2021 – JLL Capital Markets announced today that it has closed the sale of Falcon Square at Independence, a 379-unit, three-story, garden-style community in Winter Garden, Florida.
JLL marketed the property on behalf of the seller, Venterra Realty. Cortland acquired the asset.
Built in 2008 and consisting of 11 three-story, concrete block buildings, Falcon Square features units with full-sized washers and dryers, walk-in closets, breakfast bars, screened-in private balconies, nine-foot ceilings, hardwood-style vinyl flooring and average floorplan sizes of 1,122 square feet. Community amenities include a resort-style pool, two basketball courts, a dog park, detached garages, a resident business center, hiking and biking trails, a fitness center, a poolside grilling station, playground, a resident game room and tennis courts.
Falcon Square is located within the Independence PUD in the heart of Horizon West, a 2,100-acre premier master-planned community, made up of five unique villages that were carefully designed to ensure convenient access to top-tier schools, vibrant retail centers and public parks for its residence. Situated at 14600 Ave. of the Groves, the property offers immediate accessibility to State Road 429, which provides superior freeway connectivity throughout the Orlando MSA.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar.
“Falcon Square received strong institutional investor interest due to the location of the asset, it’s concrete block construction, and the opportunity to implement a true value-add investment program, since the interiors were all original.” said Ballard. “The property’s location within the Independence PUD and proximity to A-rated elementary and middle schools also created strong interest.”
JLL 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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Venterra Realty
Founded in 2001, Venterra Realty owns and manages approximately 70 communities and more than 19,000 apartment units across 13 major US cities that provide housing to over 38,000 people and 12,000 pets. The organization has completed $7.0 billion in real estate transactions and currently manages a portfolio of multi-family real estate assets valued at approximately $3.5 billion. Venterra is committed to improving the lives of its residents by delivering industry-leading customer experience. Find out more about Venterra Realty and its award-winning company culture at Venterra.com.
About Cortland
Cortland is a vertically integrated, multifamily real estate investment, development and management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, over 200 apartment communities comprised of more than 70,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa. Cortland has significant experience in acquiring, developing, renovating, owning and operating multifamily communities, leveraging the services of its construction, design, and property, asset and investment management affiliates. Internationally, Cortland maintains a management and development platform in the UK. Cortland is a National Multifamily Housing Council (NMHC) Top 50 Owner and Manager, the Top Brand Performer for online reputation in 2021 (Reputation Score by reputation.com), and is a Great Place to Work-Certified™ Company (2021). For more information, please visit cortland.com.