U.S. COASTLINE MGT, BENEDICT REALTY ACQUIRE $15.3 MLN KENSINGTON COTTAGES
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.