The Lexington at Winter Park. Image from Google Street View.
Westmount Realty Capital has closed on the acquisition of The Lexington at Winter Park, a 228-unit property in suburban Orlando. Aspen Square Management traded the community in a $62.3 million deal, according to ConnectCRE.
Berkadia arranged the transaction on behalf of the seller. Records filed with Orange County show that MetLife provided Westmount with a $51.6 million life company loan.
The Lexington at Winter Park is located at 1701 Lee Road in Winter Park, Fla. The property has a healthy mix of floor plans including one-, two-, and three-bedroom options complete with walk-in closet space, full size in-unit washers and dryers, and private patios. The community’s amenities include a 24-hour fitness center, swimming pool, clubhouse, Amazon locker hub, and on-site dog park.
Center of Attention
Central Florida, most notably Orlando, has seen some impressive market activity over the course of the past year. Orlando rents have risen by roughly 24.7% year-over-year — the third-fastest average rent increase in the nation, behind Tampa and Miami — and recent migration trends have kept demand at a substantial level, boosting occupancy across the metro.
Surprisingly, however, it's the Orlando submarkets that are the true contenders to keep an eye on, as this report from Yardi Matrix points out. Rent growth in outer Orlando’s submarkets has outpaced the larger urban metropolitan area, with a more pronounced bump in the northern submarkets of Winterhaven, Maitland, Altamonte Springs, Casselberry, and Lake Mary. Winter Haven leads the pack, beginning the year on a 39% year-over-year rent increase, with Hunter’s Creek (36%) and Forest City (35.2%) not far behind.