Ownership of some big-ticket multifamily communities in Central Florida changed hands as 2025 came to an end.
Virginia-based multifamily development, investment and management firm Kettler has sold Maitland’s Trelago Apartments at 601 Trelago Way for $111.25 million.
The buyer was Bell Partners, a privately held real estate firm specializing in multifamily apartment investment and property management headquartered in North Carolina.
The transaction, which closed on Dec. 18, equates to almost $318,000 for each of the 350 units. The community overlooking Lake Hope last sold in 2019 for $105 million — about $300,000 per unit and the highest price paid that year for an apartment community in the Orlando metro area.
Trelago offers studio, one-, two- and three-bedroom apartments with one or two bathrooms, 640 to 1,688 square feet and $1,600 to $2,920 in monthly rent.
Bell Partners owns 42 other communities in Florida, including several in Central Florida: Juno Winter Park; District West, The Hudson in Orlando, The Courtney at Universal Boulevard and Bell Avalon Park, all in Orlando; The Alexander at Sabal Point in Longwood; and Integra Sunrise Parc in Kissimmee.
Just before Christmas, Evergreen Residential acquired the Alexan Mills 50 apartment community for $45.5 million. The complex in Orlando’s vibrant Mills 50 neighborhood was completed in 2023 by Trammell Crow Residential. The 5-story, mixed-use building has 245 residential units, including 15 live-work units on the ground floor. The sale price breaks down to $185,714 per unit — a bargain price for a 2-year-old Class A asset that was 95% leased at the time of the sale.
The Alexan Mills 50 apartment community at 1647 E. Colonial Drive in the Mills 50 neighborhood of Orlando has been sold to Evergreen Residential. (Courtesy of IPA)
Evergreen secured financing through a $35.2 million mortgage on the property from KeyBank of New York.
Shelton Granade, Luck Wickham and Justin Basquill from Institutional Property Advisors represented both sides of the transaction. The same team from IPA also closed a deal in Orlando’s MetroWest community in late December.
Blue Roc Premier sold The Park at Catania apartment community for $58.5 million to Covenant Capital Group, a real estate investment firm based in Nashville.
Located off S. Kirkman Road between with Lake Pamela to the west and Eagle Nest Park to the east, the 360-unit multifamily community is minutes from The Mall at Millenia, Orlando Regional Medical Center, MetroWest Golf Course, Universal Studios and Disney World.
The Park at Catania apartment community in MetroWest was sold earlier this month for $58.5 million to Covenant Capital Group, a private equity firm based in Nashville. Catania is located at 1935 S. Kirkman Road in Orlando. (Courtesy of IPA)
Lakeland-based Blue Roc has been an active investor in the Orlando market but has sold multiple assets in recent years. The latest sale of Park at Catania leaves the firm with two apartment communities in Orlando.
The deal breaks down to $162,500 per unit. Covenant, doing business as Orlando 2025 One Partners LLC, secured financing with a $42.22 million loan from CBRE Capital Markets in Houston. The deal closed Dec. 19.
Blue Roc bought the property in 2017 under the affiliate Sterling for $27.25 million. This year the Orange County property appraiser’s website assessed its value at $42.54 million, up about 1% from 2024 — it plunged 15% from 2023’s $49.57 million.
The three-story, gated community built in 1993 offers a suite of amenities including a clubhouse, fitness center, dog park, car care center, business center, pool, rentable garages, tennis courts, playground, picnic area and grilling station.
According to its website, the community offers one-, two- and three-bedroom units with one or two bathrooms ranging from 878 to 1,362 square feet. Monthly rent starts at $1,325 for one bedroom, $1,500 for two bedrooms and $1,799 for three bedrooms. Each of the newly renovated apartments offers spacious living areas, granite countertops and fully equipped kitchens. Select units have hardwood flooring and a screened-in patio or balcony.
Covenant has raised more than $3 billion of capital since inception and over $1.7 billion since 2018 to invest in apartment communities, the website states. The company seeks to acquire apartment communities at discount to replacement costs in excellent locations, improve them with a value-add strategy dedicated to focused management and renovation then sell them at an optimal time.
Brian Bell can be reached at bbell@orlandosentinel.com. Have a tip about Central Florida development? Email Newsroom@GrowthSpotter.com. Follow GrowthSpotter on Facebook and LinkedIn.