The recently completed Lugano Apartments in the Orlando submarket of Kissimmee has been sold to Cortland Partners for $59 million. The five building, 288 unit complex is located on a 17 acre site at 3021 Savosa Ave. With an average size of 1,025 square feet per unit, the LEED Silver certified community features 10,000 sqf of amenities. Changing hands for just over $204,860 per apartment, the asset was 91 percent leased at the time of the sale. CBRE Vice President Shelton Granade, Senior Vice President Luke Wickham and Justin Basquill represented the seller, Fore Property Co. The buyer has rebranded the property as Cortland Hunter’s Creek.
“The sale of Lugano reaffirms that South Orlando and Kissimmee are becoming highly coveted by investors,” said Granade. “Lugano is in the epicenter of the tremendous growth taking place in the Hunters Creek/Kissimmee area. It is one of the metro’s fastest-growing submarkets and is seeing strong employment gains in the medical and tech fields.”
