An affiliate of Bainbridge bought the 28-acre development site for $187,500 per acre
November 19, 2016 01:00PM
An affiliate of Bainbridge Capital Partners LLC in Wellington bought 28 acres for the construction of 288 apartments in Orlando.
The Bainbridge affiliate assembled the land in the Lake Nona area of southeast Orlando, paying $5.25 million, or $187,500 per acre.
The seller was Winter Springs-based Lake Nona Holdings LLC, according to property records.
Bainbridge earlier had announced plans to build a 288-unit apartment complex called Bainbridge at Nona Place on part of the 28-acre site, pending its purchase.
The estimated cost of building the apartment is $46.5 million. The common-area amenities will include a gazebo and boat dock, and a clubhouse spanning 85,000 square feet.
The Bainbridge affiliate that bought the land is Orlando-based CGP II Nona Place FL Owner LLC, which apparently is an arm of CNL Financial Group Inc. CNL officials declined to comment, a Bainbridge representatives were unavailable.
Bainbridge and CNL Growth Properties Inc. this year sold a 322-unit apartment complex they developed in Raleigh, North Carolina, for $60 million. [Orlando Business Journal] — Mike Seemuth