An unidentified institutional investor has acquired the Gallery at Mills Park apartments for $66.5 million. The 310-unit complex is located at 1650 North Mills Avenue in Orlando and traded for $214,500 per unit. The property sits on 14.5 acres and is part of the newly built Mills Park mixed-use development that opened in May 2014 and features a 24,000 square foot Fresh market. JLL Capital markets represented the seller, Tampa-based Debartolo Development Co.
Apartment properties, both old and new, continue to attract investors to the Orlando area, as strong fundamentals and a growing population make for a solid return on investment potential. “The Gallery at Mills Park is located in Orlando’s trendy, contemporary Mills 50 District, which is quickly attracting today’s renter due to its live-work-play status,” said Jubeen Vaghefi of JLL. “Additionally, the asset features the latest apartment finishes and amenities.”
