May 23, 2022
Verso luxury apartments near ChampionsGate sell for $85.5 million
GrowthSpotter
A luxury Big House apartment community completed in 2020 in the booming ChampionsGate submarket sold for the second time in just over a year for $85.5 million, representing a 48% price increase from the previous sale. Atlanta-based ECI Group bought the 250-unit Verso Luxury Apartments on County Road 532 at Echelon Way. The purchase price breaks down to $342,000 per unit.
The project was developed by The Garrett Companies utilizing Humphreys & Partners’ trademarked Big House design and HPA Design Group for the interiors. Garrett sold it in March 2021 following the initial lease-up for $57.75 million to a JV between TTI Capital and Viking Companies. That means in one year the property appreciated by $27.75 million, making it a poster child for Orlando’s red-hot multifamily housing market.
Managing Directors Matt Wilcox and Brett Moss, along with associate Tyler Swidler of Berkadia’s Orlando office, brokered both sales. Moss told GrowthSpotter the initial sale contract in late 2020 reflected the state of Orlando’s economy during the height of the COVID-19 pandemic. They took the property to market that fall before COVID vaccines were available, while theme parks were operating at limited capacity and the region was experiencing nearly 10% unemployment.