Lantower Residential buys $74.7m Orlando multifamily asset
Alta Grande, a recently completed 314-unit multifamily community in Orlando, Fla. has been acquired for $74.7 million by Dallas-based Lantower Residential. The asset on Grande Reserve Way in South Orlando changed hands for just under $237,900 per unit. The property encompasses 10, three-story residential buildings, an integrated clubhouse and nine garage buildings with rents ranging from $1,353 to $1,959. Cushman & Wakefield’s Florida Multifamily Team represented the seller, Atlanta-based Wood Partners. The complex, which opened in May 2018, was 98 percent leased at the time of sale and will be rebranded as Lantower Grande Flats.