New York-based GAIA Real Estate has acquired Avila, a 269-unit luxury apartment community outside Orlando, Fla., from LeCesse Development Corp. Newmark brokers Scott Ramey, Brad Downing and Paul Grant of the firm’s Winter Park, Fla., office, represented LeCesse in the transaction. The purchase price could not immediately be learned.
Site work for Avila began in 2021. The community, located at 2880 Avila Cross Circle in Oviedo, Fla., was completed in June 2022 and subsequently saw strong lease-up, according to LeCesse. Humphreys & Partners Architects was the property’s architect, while Roger B. Kennedy Construction was general contractor on the project and Florida Engineering Group acted as civil engineer. Financing was provided by Wells Fargo and Federal Capital Partners, which provided $12.6 million in preferred equity. Avila was FCP’s second investment with LeCesse.
Three-building property
Avila is comprised of three three-story, elevator-serviced buildings with a mix of one-, two- and three-bedroom layouts. The units have 9-foot ceilings and open-floor plans with designer kitchens and stainless steel Energy Star appliances. Other features of the residences include smart technology and large walk-in closets. Property amenities include a multi-level clubhouse with a community kitchen, game rooms, a resort-style pool with a cabana and wet bar, an indoor/outdoor fitness center and micro-offices. The property also features fire pits, grilling stations, a putting green, dog park, car wash and electric vehicle charging stations.
Avila is located 10 minutes from the University of Central Florida and 20 minutes from Orlando International Airport and downtown Orlando. It is a short drive from a variety of grocery, dining and retail options.
Multi-state portfolios
Based in Altamonte Springs, Fla., LeCesse has developed more than 20,000 units since its founding in 1952. The firm specializes in development and ownership of multifamily communities in growth markets throughout the eastern United States. LeCesse has also developed several properties in Minnesota.
In April, LeCesse broke ground on The Sarah at Crescent Park, a 252-unit multifamily community in Orlando slated for completion in late 2024. LeCesse began the second phase of a 481-unit community in Malta, N.Y., known as GrandeVille at Malta, in September 2022.
GAIA has more than $3.7 billion in assets under management at 83 properties across nine states. Those assets represent 18,800 units. Earlier this month, in a joint venture with Amitim, CAPSSA, Menora Mivtachim and Psagot, GAIA secured a $223.9 million refinancing for a four-property, 998-unit portfolio in Stamford, Conn.
