ORLANDO, FL—Capstone Apartment Partners has brokered the $55,231,000 sale of Monterosso Apartments: a 216-unit, new construction apartment asset in the Orlando suburb of Kissimmee, Florida. The luxury four-story property is ideally situated at the intersection of N John Young Parkway and W Osceola Parkway, providing residents with immediate access to retail and dining amenities at several surrounding shopping centers.
The Capstone Apartment Partners transaction team was led by Tampa-based Brian Hunsicker, Jad Richa, Tom Huffsmith and Nasser Al-Hafi, who sold the property on behalf of Fore Property Company and procured the buyer, PassiveInvesting.com. At $255,699 per unit, this transaction marks the highest price per multi-family unit ever sold in Osceola County.
“This record-breaking transaction proves that investors are still very bullish on Central Florida—particularly the Orlando MSA—even amidst COVID-19, which has disrupted the area’s tourism industry,” said Hunsicker.
“We identified and sourced PassiveInvesting.com—a new-to-market buyer—as a result of our cross-office collaboration, as they have previously worked with our Capstone Carolina’s team. Monterosso is their first acquisition in the state of Florida and will serve as a strategic addition to their growing multi-family portfolio in the Southeast and Texas.” added Richa.
Monterosso Apartments was newly built in 2019 and was approximately 94% occupied in lease-up at the time of closing. The community is comprised of 216 studio, one-, two-, and three-bedroom apartment homes with wood-style flooring, modern cabinetry, quartz countertops, stainless-steel appliances, washer and dryer, and a patio or balcony. The community boasts a robust amenity package including a resort-style swimming pool, fitness center, picnic/grilling area, clubhouse, pet spa, elevators, and rentable garages.