November 6, 2023 9:00 AM
Newmark announces the firm has completed the $80.4 million sale and financing of The Grove at Clermont, a brand-new, 288-unit multifamily asset in Clermont, Florida. The asset traded from a joint venture between Penler and CrossHabor Capital to Venterra Realty. Newmark Multifamily Capital Markets Vice Chairmen Scott Ramey and Patrick Dufour, Director Brad Downing and Associate Paul Grant represented the seller in the sale transaction.
“The Grove at Clermont is the second closed sale this year of a recently constructed, Class A luxury garden apartment community in the Orlando MSA, representing continued investor confidence in top-of-the-market multifamily assets in Central Florida,” said Ramey. “The buyer, who already owns assets throughout Central Florida, is poised to benefit from The Grove’s strategic location and the booming growth that the Clermont submarket is currently experiencing.”
The Newmark Multifamily Capital Markets team secured new acquisition financing from Freddie Mac, totaling $45,088,000. Vice Chairman Matt Williams, Directors Kyle Schlitt and James Maynard and Assistant Vice President Robert Wright facilitated the loan on behalf of the buyer, Venterra Realty.
“Our team was able to capitalize on the property’s leasing velocity and place the loan into the Freddie Mac Lease-Up program, which offered the client the best combination of proceeds and rate based on a stabilized cash flow,” said Schlitt.
The two-story, 288-unit multifamily asset features well-appointed apartments with ground floor direct entries into all units, private balconies and patios, luxury wood grain plank flooring, quartz countertops, stainless steel appliance packages with front-control ranges and designer subway tile backsplashes. In addition, residents enjoy an amenity-rich environment with access to a resort-style, tropical pool, a 24-hour commercial-grade fitness center, a clubhouse equipped with gaming rooms, beer tap and multiple meeting spaces, and an expansive outdoor game lawn with grilling stations.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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