TAMPA, FL – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of St. Johns Lofts, a newly built, 175-unit apartment community in the Central Florida community of Sanford.
The HFF team marketed the property on behalf of the seller, Inland Atlantic Seminole Multifamily, LLC, a solely owned entity of Inland Atlantic Development Corporation. NM Residential purchased the unencumbered asset.
Completed in 2017, St. Johns Lofts is located just east of Interstate 4 at 1840 Rinehart Road in Sanford, which provides easy access to the nine-million-square-foot Lake Mary/Heathrow office market and access into downtown Orlando within 20 miles. The four-story property consists of a mix of one- and two-bedroom units. Community amenities include a saltwater pool, outdoor kitchen, outdoor lounge areas, dog park, bocce ball court, fitness center and clubhouse with Wi-Fi and coffee bar.
The HFF investment advisory team included senior managing director Matt Mitchell, director Zach Nolan and analyst Tyler Swidler.
“St. Johns Lofts was designed to be affordable for renters with efficient floor plans averaging 786 square feet and rents of $1,053 at the time of marketing,” Mitchell said. “The property filled a void in the market and leased up in just three months.”
About Inland Atlantic Development Corporation: Inland Atlantic Development Corporation (“IADC”) specializes in developing retail, multifamily and mixed-use properties primarily in the southeast United States. IADC is a part of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof (collectively, “Inland”). For additional information, please refer to Inland’s website at inlandgroup.com
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com