CELEBRATION, Fla. – Hines has sold its multifamily complex in Celebration, the utopian master-planned community developed by The Walt Disney Company near Orlando.
Southstar Capital Group purchased the 306-unit complex from Hines, which was represented by ARA/Newmark in marketing the apartments, called Aviva at Celebration.
Aviva at Celebration was developed on 14.4 acres and contains 290,000-SF in six four-story buildings.
With a chic Art Deco-designed style, the recently completed multifamily project is the newest addition to the Town of Celebration, a master-planned community influenced by the principles of New Urbanism. Celebration, which opened in 1996, is home to over 12,000 people in more than 5,000 residences.
Aviva at Celebration was the first apartment community in Celebration to offer ground-level parking garages in each building and elevator service in every building.
Jon Wood, Hines managing director for Aviva at Celebration, commented, “We have been very pleased with Aviva at Celebration, which demonstrates that distinctive architecture, high-quality building and efficient unit layouts in a desirable location will outperform the market and be attractive to investors.”
Based in Houston, Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 192 cities in 20 countries.
Sept. 22, 2016 Realty News Report Copyright 2016