The Rialto apartment community located in the tourist district of South Orlando has been purchased by Newton, Mass.-based Northland Investment Corp. for $49.6 million. The sale encompasses the 200 unit asset along with its parking garage at 7343 W. Sand Lake Road. The seller, Atlanta-based developer Wood Partners, completed the complex in 2014. The purchase marks the fourth property Northland Investment has made in Orlando having bought the The Paramount on Lake Eola in May, and previously acquired Ballantrae in Sanford, as well as Grandeville on Saxon in Orange City.
“We are excited to increase our ownership in Orlando, a market that continues to lead the state of Florida and the rest of the country in job growth and new economic opportunity,” said Matthew Gottesdiener, Northland’s Chief Investment Officer. “The Rialto represents the future of Central Florida luxury apartment developments, with walkability to premium retail and amenities, proximity to major job centers, and access to top quality schools.”
