Addison on Millenia Acquired by Lindemann Multifamily Management
Orlando, Fla. – October 26, 2018 – CBRE announced today that it has arranged the sale and financing of The Addison on Millenia, a 292-unit Class A multifamily asset. The property is located at 4673 Gardens Park Blvd, 3.7 miles from downtown Orlando and next to one of Florida’s most upscale retail destinations, the 1.2 million-sq.-ft. Mall at Millenia. Lindemann Multifamily Management, a real estate investment company with holdings in Florida and Tennessee, acquired the property for $63.75 million from a partnership between Contravest, Case Pomeroy, and BBX Capital.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill represented the seller in transaction, while Paul Ahmed, Erin Efstathion and Mackenzie Fry financed a $38,225,000 10-year loan with Fannie Mae on behalf of the buyer.
“Addison on Millenia had a phenomenal lease-up, which garnered plenty of interest from investors,” said Shelton Granade, vice chairman at CBRE. “The strong demand has been a testament to the desirability of the property and the location.”
“Addison on Millenia is a property that combines a prime location, with appealing design and strong financials.We are pleased to add it to the Lindemann Multifamily Management portfolio,” said George Lindemann, Jr. “We are value investors, and we were immediately drawn to the Addison. We look forward to contributing to and serving the residents of this vibrant residential community in Orlando.
”Completed in 2017, Addison on Millenia boasts luxurious and spacious apartment homes with modern features and stylish, forward-thinking design elements. Each apartment home is equipped with high-end finishes, including 9 & 10-foot ceilings, granite countertops, tile backsplashes in the kitchen, pendant lighting, stainless steel GE appliances, full sized-washer and dryers, and generous closet space.
The Addison on Millenia is strategically located within the MSA, benefiting from access to over 400,000 jobs within a 20-minute drive. The South Orlando region, of which Addison is a part, is home to 9 of Orlando’s Top 10 employers and premier entertainment and lifestyle destinations.
CBRE’s Orlando-based Multifamily team has closed in excess of $1,000,000,000 so far in 2018.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
