Venterra Realty has purchased The Grove at Clermont, a 288-unit community in Clermont, Fla. PENLER sold the property for $80.4 million or approximately $280,000 per unit, according to Yardi Matrix data. The buyer financed the purchase with a 10-year, $45.1 million Freddie Mac loan from Newmark, the same source shows.
The Grove at Clermont comprises 12 two-story buildings that came online this year. The garden-style community includes one-, two- and three-bedroom floorplans ranging between 731 and 1,415 square feet. Some of the in-unit features consist of stainless steel appliances, washers and dryers.
Common-area amenities include a swimming pool with grills, fitness center, pet spa, clubhouse, remote work areas and a game room. The property also comprises more than 310 parking spaces.
Located at 16551 Lake Trail Drive, the 24.6-acre property is roughly 21 miles from downtown Orlando. Orlando Health South Lake Hospital is 3 miles east, while East Towne Center is within walking distance.
The Grove at Clermont brought Venterra’s Florida portfolio to more than 5,300 units across 18 properties, Yardi Matrix shows. Earlier this month, the firm expanded its Sunshine State footprint with the purchase of a 330-unit community in Wesley Chapel, Fla.
