Park Partners Residential And Independencia Asset Management Acquire 280-Unit The Commons And Plan $58.5 Million Renovation
Park Partners Residential, owner and operator of value-add and luxury multifamily apartment communities, and Independencia Asset Management have completed the $77,750,000 acquisition of The Commons, a multifamily residential community addressed as 8050 Gables Commons Drive in Orlando. The 19.28-acre property is located south of Little Lake Bryan Parkway and is east of Vineland Avenue and Interstate-4, just minutes away from Orlando Vineland Premium Outlets. Los Angeles-based Ares Management provided the funds for the purchase, which was brokered by Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman Wakefield. The newly formed joint venture between Park Partners Residential and Independencia Asset Management received a $58.5 million construction loan from American Real Estate Capital to fund an extensive renovation of the property’s 280 units, clubhouse and amenity spaces.
