September 6, 2023 1:00 PM
Newmark announces it has completed the sale and financing of Alta Cypress, a new 342-unit, Class A garden-style multifamily property in Longwood, Florida. The property traded from a joint venture between Wood Partners and SCOA Real Estate Partners to Journey Capital–a real estate investment firm that acquires, develops and asset manages multifamily, industrial and mixed-use properties.
Vice Chairmen Scott Ramey and Patrick Dufour, Director Brad Downing and Associate Paul Grant represented the seller in the transaction. Vice Chairman Matt Williams, Directors Kyle Schlitt and James Maynard and Assistant Vice President Robert Wright secured a new five-year fixed-rate acquisition loan from New York Life on behalf of the buyer, Journey Capital.
“The sale of Alta Cypress is the first closed sale this year of a recently constructed, Class A luxury apartment community in Orlando, reflecting the continued long-term appeal of best-in-class multifamily assets in Central Florida,” said Ramey. “The premier quality of the asset, combined with the strategic infill location in Seminole County, ensures the property is poised to benefit from the strong fundamentals and growth that has long fueled the Orlando apartment market.”
“We were excited to work with Journey Capital and arrange financing for their newest acquisition, Alta Cypress. The strength of the Sponsor’s resume and the best-in-class asset made this a highly desirable transaction for lenders,” said Williams. “Despite the challenges of a volatile interest rate environment, we were able to procure aggressive terms for our client.”
Located at 375 Summer Cypress Cove, just north of downtown Orlando, Alta Cypress offers residents best-in-class living arrangements complemented by an amenity-rich environment. Delivered in 2022 by renowned developer Wood Partners, the property features convenient keyless access to exceptional interior suites with crystal white quartz countertops, a Whirlpool stainless-steel appliance suite with glass top ranges equipped with front controls, under-cabinet lighting, soft-close cabinet doors and drawers, floor-to-ceiling tiles in bathrooms, full-sized washer/dryer sets and more. In addition, residents benefit from the property’s unmatched amenity set featuring a 24-hour fitness center with a yoga room and Echelon Mirror, an expansive clubhouse featuring multiple meeting spaces, billiards, a community kitchen and a game room with skeeball, shuffleboard and arcade games, resort-style pool with sun shelves and private cabanas, poolside pavilion with wet bar, two dog parks and five different fire pit areas.
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 June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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