The Real Deal Miami

Fort Lauderdale-based BBX Capital and its partners sell Orlando rentals for $63.7M

Lindemann Multifamily Management paid $218,150 per unit for the 292-unit Addison on Millenia apartment complex, which was completed last year
October 28, 2018 09:15AM

Addison on Millenia

A partnership including Fort Lauderdale-based BBX Capital sold a new 292-unit apartment complex in Orlando for $63.7 million.

Lindemann Multifamily Management paid $218,150 per unit for the rental property, called Addison on Millenia, which was completed last year.

“We are value investors, and we were immediately drawn to the Addison,” George Lindemann, Jr., founder of Lindemann Multifamily, said in a prepared statement.

The seller was a partnership between BBX Capital, Contravest and Case Pomeroy.

Addison on Millenia, located at 4673 Gardens Park Boulevard, is next to the 1.2 million-square-foot Mall at Millenia and 3.7 miles from downtown Orlando.

Apartments at the rental property have nine- and 10-foot ceilings, granite counter tops, pendant lighting, stainless steel GE appliances, and full-sized washers and dryers.

In the summer of 2017, residents started moving into the first two of 10 buildings that comprise Addison on Millenia.

BBX Capital developed the rental complex on an 11.4-acre site within a 47-acre, mixed-use development called Gardens on Millenia. – Mike Seemuth