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The Real Deal Miami

Miami firm, partner pay $181,380 per unit for Orlando rentals

Fifteen Group and Meritage Group LP bought the 384-unit Patterson Court Apartments for $68.65 million
December 10, 2017 03:00PM

Patterson Court Apartments in Orlando

Miami-based Fifteen Group and an investment partner paid $181,380 per unit for an Orlando apartment complex.

Fifteen Group and Meritage Group LP bought Patterson Court Apartments for $68.65 million.

The 21-acre, 384-unit property at the intersection of Little Lake Bryan Road and International Drive offers easy access to such employment centers as Walt Disney World, SeaWorld, the Orlando Convention Center and downtown Orlando.

Fifteen Group made headlines in July when it sold a 110,000-square-foot building in downtown Miami occupied by FedEx for $37.25 million, almost double what Fifteen Group paid in 2014.

Fifteen Group is a family-owned real estate investment firm invests in all major classes of real estate assets and in debt secured by real estate. The Miami-based firm also has offices in Los Angeles.

Meritage is an investment firm with more than $10 billion of assets under management. The firm invests in real estate, public and private equity, and public and private credit. Meritage has offices in Greenwich, Connecticut, New York City and San Francisco. – Mike Seemuth