Canadian real estate investment firm Starlight U.S. Multi-Family (No. 4) Core Fund has acquired the Pure Living Heathrow apartment complex for $44.75 million. Located 20 minutes north of downtown Orlando at 740 Savory Place, the 252-unit property traded for $177,579 per unit. The seller, PME Providence, bought the asset from Lincoln National Life Insurance Co. in 2011 for $31.5 million. ARA Newmark’s local partner Lake Mary-based Providence One Partners represented the seller in the transaction. The complex was 94 percent leased at the time of the sale.
“Lake Mary-Heathrow is one of the most highly sought-after areas in the entire Southeast, with exceptionally strong demographics, excellent schools and robust employment opportunities,” said Patrick Dufour, lead broker on the sale. “Within one mile of Pure Living, the average household income is $113,491, the median housing value is $347,492 and 84 percent of residents have white-collar jobs.”
