New York-based Phoenix Realty Group has acquired The Element at MetroWest for $35 million. The 301-unit Class A fractured condominium community on Lake Debra Drive was built in 1996 along the seventh and eighth holes of the MetroWest Golf Course in Orlando’s Southwest Orange submarket. Cushman & Wakefield Brokered the sale for TM Real Estate Group and Calgary-based Optimus US Real Estate Fund and arranged $26.25 million in fixed-rate Fannie Mae financing on behalf of the buyer through Capital One. The community offers a European-style swimming pool plus hot tub, a modern clubhouse, cabana with grilling station, indoor racquetball, a car care center and private parking.
“The Element at MetroWest was one of the few remaining fractured condo assets in Central Florida and provided investors with an incredible value-add opportunity,” said Jay Ballard, Executive Director Cushman & Wakefield. “New ownership will be able to capitalize on its location in one of Orlando’s top submarkets through a continued capital improvement campaign on unit interiors and amenities, which should result in substantial rent increases.”
