The Real Deal Miami

New rentals in Orlando sell for $215,725 per unit

CBRE helped California-based Passco acquire the apartment complex for $53.5 million

May 01, 2016 04:00PM

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The Ivy apartment complex in Orlando

The Ivy apartment complex in Orlando

Irvine, California-based Passco Companies, LLC, paid $53.5 million for a newly built apartment complex in Orlando.

Passco paid $215,725 per unit for The Ivy, a 248-unit apartment complex in an area of Orlando known as the Florida Hospital Health Village, a health care employment center.

Built in 2015, The Ivy is a short walk from one of four downtown Orlando stops along the 62-mile SunRail passenger train system in the Orlando area. The amenities at The Ivy include multi-level pool decks, a fitness center and a yoga studio.

Atlanta-based Wood Partners, the developer of The Ivy, will continue managing the property under Passco’s ownership.

Shelton Granade of CBRE represented Passco and the seller of The Ivy. Chris Black of KeyBank Real Estate Capital’s commercial mortgage unit arranged acquisition financing through Fannie Mae for Passco Companies.