Legacy Partners sold his almost fully occupied community in Orlando, Florida. The company, as well as joint venture partners Phoenix Capital Management LLC and Silverpeak Real Estate Partners sold Legacy Universal to OpenStreet Capital LLC for $129 million. NewmarkScott Ramey, Patrick Dufour, Brad Downing and Paul Grant represented the joint venture vendors.
Legacy Partners first acquired the 11.4-acre site for Legacy Universal in February 2020 from Republic Properties Inc. The company launched the community in the summer of 2020 and began renting a year later. Legacy partners operated Housing design studio as project architect, while Summit Contracting Group Inc. was the general contractor. Regions Bank also financed the construction of the project.
The four-story luxury apartment community features 350 units in studio, one-, two-, and three-bedroom units ranging from 484 to 1,391 square feet. Units were built with 10-foot ceilings, quartz countertops, and stainless steel appliances, while some units have mudrooms, computer niches, island counters, and private garages. Community facilities include a dog park, fitness center, wellness salon, bike storage and parcel lockers with cold storage.
On the hunt in Orlando
Late last year, Legacy Partners opened the 228-unit Legacy Encore in downtown Tampa after opening it in June 2020. Naeem Coleman, chief executive of Legacy Partners, said Multi-Accommodation News that the company is in the early stages of redevelopment of the Macy’s at Volusia Mall, which will be converted into a 350-unit community in Daytona Beach, Florida.
“The Orlando market is one of the fastest growing areas in the country and continues to create jobs across all industries,” Coleman said. MNH, adding that the market is a well-known tourist destination and is seeing employment growth with local aerospace and technology industries. “We love Central Florida and are continually looking to do more deals here.”
Since its founding in 1968, the San Francisco-based company has developed more than 78,000 units across the country. Legacy Partners also provides management services for communities in its portfolio as well as outside properties, totaling over 50 communities with over 12,000 units under management.