Orlando residential portfolio sold to Meritage for $68m

Orlando residential portfolio sold to Meritage for $68m

Published at: 2017-12-04 15:34 | Author: CIJ USA
The Patterson Court Apartments in Orlando, Fl. has been acquired by a a joint venture of Miami-based Fifteen Group and San Francisco-based Meritage Group in a $68.65 million deal. Located in the heart of the tourist district at 8151 Patterson Woods Dr, the 384 unit property rest on a 21 acre site. The property is minutes away from Walt Disney World, SeaWorld, the Orlando Convention Center and the Orlando Vineland Premium Outlets. “Meritage targets high-quality, recurring-revenue assets that can successfully navigate economic cycles and have compelling long-term prospects. A key component of our strategy includes building long-term relationships with operating partners like Fifteen Group, who have demonstrated success and share our value investment philosophy,” said Jared Halperin, a Meritage MD who leads the firm’s real estate investment strategy.

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