Orlando rentals near SunRail command $59 million

Crescent Central Station in Orlando
Crescent Central Station in Orlando

A Connecticut-based investor group paid $59 million for a new apartment building in downtown Orlando next to the SunRail commuter train line that connects the city to northern suburbs.

The apartment building, called Crescent Central Station, is the most prominent real estate development in connection with the 21-month-old SunRail train service to attract an investor.

Sean Snaith, an economist at the University of Central Florida, told the Orlando Sentinel he expects more development near stations along the 61.5-mile SunRail line.

A group affiliated with Hartford,  Connecticut-based TPF Equity Real Estate Investment Trust bought the 257-room apartment building called Crescent Central Station.

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Developed for approximately $39 million, Crescent Central Station opened about two months ago near the SunRail system’s main station in downtown Orlando.

Nationwide and Synovus Bank provided construction financing for the apartment building, and the general contractor is Winter Park Construction.

Brokerage firm CBRE handled the sale of the property for previous owner Crescent Communities. [Orlando Sentinel]  Mike Seemuth