Coda Apartment Community Sells for $66,000.000.00
The sale of the 296-unit Coda Apartments community, constructed in 2019, just closed on Monday, October 5, 2020. The sale price was $66,000,000.00, or ~$222,973 per unit.
Coda Apartments are located in East Orlando, at 13645 E. Colonial Drive, Orlando, Florida 32826, just minutes from the UCF campus.
The Buyer, RK Coda DST, is an affiliate of California-based RK Properties, a multi-family housing developer.
Key Bank financed the purchase, loaning the Buyer $35,133,000.00.
In consideration for the sale of the apartment community, the parties entered into a "Condominium Conversion Agreement" which prohibits the Buyer (and its successors and assigns), in relevant part, from converting the apartment community to a condominium (or other type of property other than rental apartments) until October 5, 2030.
For the top commercial real estate news in Central Florida, please subscribe to Transact Orlando (www.TransactOrlando.com). If you have any questions about this post, or any have any commercial real estate legal needs, please do not hesitate to contact me:
Chirag B. Kabrawala, Esq.
Kabrawala Law Group PLLC