Addison on Millenia in Orlando sells for $63.8m

Addison on Millenia in Orlando sells for $63.8m

Published at: 2018-10-31 15:12 | Author: CIJ USA
Lindemann Multifamily Management bought the 292-unit Addison on Millenia in Orlando, Florida, for $63.8m. Trading for $218,493 per unit, the sellers were ContraVest, Case Pomeroy and BBX Capital. The asset is part of The Gardens on Millenia scheme, a 47-acre mixed-use development. Common-area amenities include a fitness center, clubhouse, swimming pool and parking for 438 vehicles. CBRE arranged the transaction on behalf of the seller, while also facilitating a $38.2m, 10-year loan through Fannie Mae for the buyer. “Addison on Millenia had a phenomenal lease-up, which garnered plenty of interest from investors. The strong demand has been a testament to the desirability of the property and the location,” said Shelton Granade, vice chairman of CBRE.

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