Orlando: the BVT group of companies announces the sale of the Narcoossee Cove development in Lake Nona, southeast Orlando, Florida, featuring 354 Class A apartments. The closing took place in mid-December 2021. The apartment complex is one of a total of five project developments by the capital management company derigo GmbH & Co. KG managed closed special AIF BVT Residential USA 12 GmbH & Co. Closed Investment KG (“BAT Residential USA 12”). The apartment complex was sold to a global multi-family investment and management company for USD 143 million. The realized sales price was $43 million, or 41.9% above the June 2019 mid-case sales forecast.
The “Narcoossee Cove” class A apartment complex, which has 37,000 square meters of living space and around 660 parking spaces, is located around ten miles south-east of downtown Orlando, directly on Lake Nona. Private access to the lake offers tenants of the complex several covered docks and water sports facilities. At the time of sale, the apartment complex was 99% rented.
The apartment complex “Narcoosse Cove” is one of a total of five project developments of BVT Residential USA 12.
