Avison Young brokers $43.25-million apartment building sale in Orlando, FL
Palm Heights LLC acquires 178-unit Azul Baldwin Park in upscale lakeside neighborhood
Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $43.25-million sale of Azul Baldwin Park, a 178-unit, apartment community in Orlando, FL.
Avison Young Principal Peter Sherman, based in Los Angeles, and Senior Vice President Rosendo Caveiro, based in Miami, represented the buyer, California-based Palm Heights LLC. The seller, Jefferson Apartment Group, was represented by Walker & Dunlop.
“The acquisition of Azul Baldwin Park was for a 1031 exchange,” comments Sherman. “As we were selling the down leg property, we worked closely and tirelessly together with our client to further build upon their strategy of acquiring institutional properties in select growth markets like Orlando, where we feel strongly about the future demand drivers. With this acquisition, we took advantage of a rare investment opportunity in Baldwin Park, one of Orlando’s most desirable neighborhoods with limited available land for future multi-family development.”
“Built in 2014 on 4.04 acres at 4460 Lower Park Road, Azul Baldwin Park stands out for its unique boutique hotel architecture and its pioneering status as the first LEED-certified community in the greater Orlando region,” says Caveiro. “The asset is situated adjacent to the scenic Blue Jacket Park, and less than a block from Lake Baldwin in Orlando’s tawny Baldwin Park neighborhood.”
Sherman adds: “We have built our Avison Young multi-family practice to work nationally and globally in a seamless manner. We have a team approach and together with my partners in Florida, Virginia, North Carolina, Colorado, Texas and Tennessee, we uncovered within a short window of time a strong selection of off-market and on-market deals which fit our client’s strategy perfectly.”
Baldwin Park is an award-winning 1,100-acre neighborhood with exceptional demographics, A-rated public schools and an average household income of $155,000. It is home to 8,000 residents, more than 125 businesses and the 190,000-square-foot Downtown Village Center that includes a Publix supermarket. Azul Baldwin Park’s strategic, central location is just three miles from the Orlando CBD with its growing tech hub, 10 million square feet of office space and premier sports and entertainment venues.