Beach Real Estate Funds Announces the Acquisition of Marina Landing Apartments
Beach Real Estate Funds, LLC (BREF), an affiliate of The Beach Company, has announced the acquisition of Marina Landing, a 260-unit garden style multifamily community in the MetroWest neighborhood of Orlando, Florida.
Marina Landing is located within Orlando’s master planned MetroWest neighborhood. The Property offers resident incredible access to downtown Orlando, major job nodes, high-end retail destinations, and incredible lifestyle opportunities. Units are comprised od one-, two-, and three-bedroom floorplans that range fom 677-1,205 square feet. Typical units feature black appliances, laminate countertops, vinyl and carpet flooring, wood-burning fireplaces, and large porches, the majority of which offer 9-foot ceilings and lakefront views.
BREF assumed the in-place fixed-rate Freddie Mac loan to finance the purchase. “Marina Landing presented an opportunity to purchase in the rapidly expanding central Florida market and do so with attractive assumable financing well inside of what we believe the debt markets would otherwise provide today,” said Darby Parker, Acquisitions Manager. “By assuming the current fixed-rate debt, we avoid negative leverage, and all but eliminate interest rate risk.”
The purchase marks the second acquisition for Beach Investment Fund II LP, after closing on The Brook Apartments in Charlotte in August. “We’re excited to expand the Company’s footprint into Central Florida, a region that’s been on our radar for some time. The activity and growth story of the region is unrivaled, and substantially aligns with our investment thesis,” said Leonard Way, Sr. Vice President and Fund Manager.
BREF plans to improve the Property in keeping with successfully renovated peers in the market, with a capital program focused on unit renovations and lifting the amenity set.
“Marina Landing is one of the last unrenovated assets in this submarket,” said Ward McCarthy, Director of Asset Management. “In addition to a premium-quality interior renovation program, we will be upgrading and improving on the amenity set offered. This dual approach should greatly elevate the residents’ experience at the property.”
IPA’s Shelton Granade facilitated the sale on behalf of the seller, while CBRE’s Debt and Structured Finance platform assisted with the loan assumption. BREF’s acquisition team of Darby Parker and Niko LeVigne facilitated the sale on behalf of the Buyer.
Based in Charleston, SC, Beach Real Estate Funds LLC, oversees the operations, management, and transactional activity of fund related assets. BREF acquires and operates multifamily assets in the Southeast U.S. and aims to implement clear, discernible strategies to improve operations, increase performance and ultimately create significant value for both residents and investors. To learn more, please visit www.beachrealestatefunds.com.
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