ATLANTA, 20 December 2021 / PRNewswire / – ECI Group announces the acquisition of Makara Orlando Apartments, a 228-unit, nine-building, Class A apartment community in a rapidly growing neighborhood East of Orlando. The community was developed by RangeWater Real Estate and delivered in mid-2021.
“This trade-driven acquisition demonstrates ECI’s strategy of recycling capital from older properties into newer properties and expanding our geographic footprint as we accomplish this,” said Jacques Baugnon, President and CIO at ECI. “This is the third transaction for us using this strategy in 2021. This repositioning of our portfolio has also accelerated our growth in Florida, reflecting our confidence in the underlying demand drivers in this state. »ECI recently hired a regional development partner for its Florida investments and currently owns five operating assets and recently inaugurated a new development, Madison Park, in Tampa.
Makara Orlando Apartments is located on a unique infill site on University Drive close to an abundance of retail, dining and entertainment venues including downtown Waterford Lakes, Baldwin Park and Downtown Orlando. The gated and secure community offers upscale luxury amenities including a clubhouse, self-catering garages, resort-style swimming pool, modern 24-hour health club, residents’ lounge with kitchen and billiards table and a large dog park. The community is located a few minutes from the University of Central Florida, Central Florida Research Park, Siemens and Lockheed Martin. Makara was developed in 2020/2021 with the first units delivered in June 2021 and has averaged 40 leases per month since then.
Makara’s one, two, and three-bedroom units feature open-plan floor plans with gourmet kitchens, stainless steel appliances, granite counters and islands, upgraded lighting, subway tile showers bright lights and washers and dryers in the unit.
ECI expresses its appreciation to Newmark Central florida team led by the senior general manager Scott ramey, Partner Brad Downing and Partner Paul Grant for their representation of RangeWater Real Estate.
About the ECI Group
For more than 50 years, ECI Group has been one of the most renowned private real estate companies in the United States. The business is fully integrated, with development, construction and management groups that have achieved national recognition for innovation and performance in the multi-family industry. With a portfolio of over 7,900 existing or under construction units located in the South East, ECI is strategically positioned to continue to be a leader in the multi-family industry. For more information visit www.ecigroups.com.
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SOURCE ECI Group