Redwood Capital Group Acquires Newly Built Ancora Apartments in Orlando
Chicago, IL, December 21st, 2018 – Redwood Capital Group, LLC, a Chicago-based multi-family investment firm, has acquired a recently-developed luxury apartment property called Ancora with 289 units in the heart of Orlando’s tourism corridor.
“Ancora presents a rare opportunity to acquire a new multifamily community in an exploding area of Orlando,” said Kristina Lynn, Vice President, Acquisitions at Redwood Capital Group. “With effective management and marketing strategies, we can stabilize occupancy at 95 percent, eliminate lease-up concessions and push renewal rents to market rates.”
The Class AA property was completed in the second quarter of 2018 by LeCesse Development, who was represented in the sale process by Jones Lang LaSalle.
Located near the intersection of Interstate-4 and the Martin Andersen Beachline Expressway, the property is 25 minutes from downtown Orlando and 20 minutes from the Orlando International Airport. Ancora offers residents the best of Orlando’s southwestern side –excellent dining and shopping, proximity to theme parks and golf courses, and an abundance of high paying jobs. Job growth is fueled by record-setting tourism levels, $4 billion of theme park projects under way, and the headquarters of companies like Lockheed Martin.
Ancora offers residents generous floorplans with an average unit size of 971 square feet, and features condominium-quality luxury finishes. Onsite amenities include a high-end clubhouse with cyber café and second-floor sky lounge, a resident lounge with billiards and virtual golf simulator, a theater room, business center, health studio with state-of-the-art fitness equipment, yoga studio, dog wash and spa, resort-style infinity pool, summer kitchen, cabanas and electric car charging stations.
About Redwood Capital Group, LLC
Redwood Capital Group, LLC is a Chicago-based real estate investment firm founded in 2007 by David Carlson and Mark Isaacson. The company is focused on value-add and core-plus investments in primary urban and suburban markets across the U.S., primarily in the Midwest, Southeast, and Southwest. Redwood’s mission is to be the foremost choice for institutional and private equity in pursuit of strategic multifamily investment. Redwood is located at 1 E. Wacker Drive in Chicago. For more information, visit www.redwoodcapgroup.com or call 312.995.7300.