Frankforter Group acquires a 248-unit multifamily property in Downtown Orlando
Frankforter Group has acquired The Ivy: Residences at Health Village, a 248 unit Class A apartment community in Downtown Orlando.
The Ivy is part of the 172-acre Health Village, a mixed-use, transit-oriented, master-planned urban development. Many healthcare professionals are residents at The Ivy who choose to live here for the convenience and walkability factor to their work and recreations. One of Florida's largest hospital complexes, Florida Hospital Health Village is home to hospital and medical-related facilities, administrative offices, commercial uses, residential communities, a hotel, and AdventHealth University. The Ivy contributes to the hospital's healthy-living mission with thoughtful urban design and responsible development.
FM Capital's Senior Vice President Daniel Kaweblum arranged $51 million of senior debt with a national balance sheet lender for acquisition.
The Ivy is centrally located just blocks to the SunRail commuter rail system which offers easy access to Winter Park and Maitland to the north, as well as downtown Orlando and Sand Lake Road to the south. The Ivy is also very close to Interstate 4, allowing quick access to Orlando's most happening neighborhoods such as College Park, Loch Haven Park, Mills Park, Ivanhoe Row, and the Mills/50 District.
The residence at The Ivy enjoys Class-A amenities including a resort-style pool with a multi-level deck and cabanas, a 24-hour fitness center, yoga and Pilate's studio, a cybercafe, a billiards room, and a community-wide secured-access system. The apartment community includes two mid-rise buildings with 248 units averaging 941-square feet, as well as an integrated parking garage. The apartments feature granite countertops, ENERGY STAR®-rated stainless steel appliances, high-quality ceramic flooring and wood plank flooring, full-size washers and dryers, and modern lighting fixtures.
Stephane Benalal, Director of Acquisitions says, this investment fits well within our core plus investment strategy "We have been very active in the Florida market in the last few years and we are very excited to add this unique asset to our portfolio. We look forward to bringing an exceptional living experience to the residents of this great community".
-About the Frankforter Group-
Frankforter Group is a third-generation real estate investment and asset management firm with a focus on acquiring institutional grade multifamily and commercial real estate in Canada and the United States, with a proven track record of realized returns to our investors led by an experienced team, with well over 40 years and $1 billion + in transaction experience.