Orlando rentals near SunRail command $59 million

The 257-unit Crescent Central Station opened two months ago in downtown Orlando

Jan.January 09, 2016 01:30 PM

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.

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

Related Articles

Backstage with Grant Cardone

Backstage with Grant Cardone

From left: Stuart Elliott, Jerome Hollo, Michael Shvo, Laurent Morali and Lissette Calderon

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project