Ortsac buys Orlando area apartments for $ 124 million

The West. Image courtesy of Newmark

Private family-owned investment firm Ortsac Capital Group has acquired The Westerly, a newly built trophy apartment community in Winter Garden, Florida. Multifamily developer Fore Property Co. and investment management firm PCCP LLC were the sellers of the property. Newmark arranged the $ 123.5 million sale and the $ 71 million financing.

Located at 14680 Westerly Drive, the community is a 352-unit LEED-certified garden-style luxury property built this year. Measuring 348,801 square feet, The Westerly offers a mix of studios, one, two and three bedroom units, with residences averaging 991 square feet. The apartment community is made up of half a dozen four-story apartment buildings serviced by an elevator on 26.7 acres.

Apartments have above-average ceiling heights, built-in washer-dryers, digital locks, high-speed internet access, and the option of detached garages for two cars. One of the property’s most important amenities is a wine cellar with several gathering areas.

Area attractions

The growing Winter Garden area is close to many area employment centers, including Orlando Health ER and Medical Pavilion Horizon West, AdventHealth Winter Garden, and Orlando Health — Health Central Hospital.

Nearby you will also find an array of shopping and entertainment attractions. They include the Walt Disney World theme parks, the Orlando Resort Corridor, and Disney’s new 250,000 square foot Flamingo Crossings Town Center.

Managing Director Scott Ramey and Associates Brad Downing and Paul Grant of Newmark Multifamily Group represented the vendor. Newmark’s Executive Managing Directors Matthew Williams and Brian Kochan, as well as Managing Partner Kyle Schlitt of the firm’s Debt and Structured Finance team, helped secure acquisition financing from Nationwide Life Insurance Co.

The Westerly is Ortsac’s first acquisition in the Central Florida market. Last week Cortland acquired Falcon Square at Independence in Winter Garden.

About Gene Schafer

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