The joint venture between U.S. property management company Coastline Management Group and its counterpart Benedict Realty Group has acquired Kensington Cottages in Orlando, Florida.
Completed in 1984 on a parcel of almost 18 acres, the 170-unit residential community sits at 2909 Burroughs Drive in the Rosemont submarket, about 9 miles northwest of downtown Orlando.
More so, the 16 one-story buildings feature studio, one- and two-bedroom units averaging 598 square feet in size. Amenities include a clubhouse, laundry facilities and more than 300 parking spaces.
The JV paid $15.3 million to purchase the community, which was about 94 percent occupied at the time of sale, from U.S. multi-family real estate investment services firm DLP Real Estate Capital.