Cortland Partners has purchased GrandeVille at JubiLee Park, an apartment complex in Orlando, Florida, from LeCesse Development for $65.8m. Cortland Partners will manage the property and plans to rebrand it to Cortland Jubilee Park. The 330-unit, 21-building garden style property was built in 2015. Common-area amenities include a swimming pool, outdoor kitchen, community dog park as well as a volleyball and basketball court. The property was 95 percent leased at the time of sale. ARA Newmark represented the seller.
“Nearly all of our top bidders had plans to complete some level of interior renovations. This is a growing trend we are seeing. Many traditional value-add buyers are upgrading the quality and age of their portfolio by targeting core plus assets like GrandeVille at JubiLee,” said Patrick Dufour, vice chairman of ARA Newmark.
