investor spends $65.8M on Lake Nona-area property, Lee Vista

A Lee Vista 3-year-old Class A apartment complex near Lake Nona is getting a facelift by its new owner.

The 330-unit Cortland Jubilee Park, formerly GrandeVille At Jubilee Park, is set to get about $2 million in renovations to its interiors in addition to its amenities, landscape, and branding, according to Kyle Bateh, an investment manager with Cortland Partners. The improvements come after Atlanta-based Cortland Partners subsidiary Merryvale FL Partners LLC bought the property 6850 Merryvale Lane in Orlando for $65.8 million, or $199,394 per unit, on July 19 from Altamonte Springs-based LeCesse Development Corp.’s related entities, according to Orange County records.

Patrick Dufour, Scott Ramey and Kevin Judd of Atlanta-based ARA, A Newmark Co., represented the seller in the deal.

The still-new property in Orlando’s Lee Vista neighborhood near Orlando International Airport was 95 percent occupied at the time of the sale. However, it required some upgrading, according to the new owner.

“We believe in the asset’s potential to demand higher rents as a result of the renovation,” Bateh said in an emailed response to Orlando Journal. “Despite being only 3 years old, the interiors are not on par with brand new deals in the broader market. Jubilee has the largest floor plans, is the newest asset in Lee Vista area and zoned for schools. So that’s what we are aspiring to compete with — newer Lake Nona assets that have higher-end finishes.”