MIAMI--(BUSINESS WIRE)--A joint venture between affiliates of Miami-based Fifteen Group and Meritage Group LP has completed the sale of Patterson Court Apartments in Orlando, FL for $107.75 million.
Built in 2008, Patterson Court, a 384-unit multifamily property, has historically been utilized by Walt Disney World Resort as housing for participants in its Disney College Program. Fifteen Group and Meritage acquired the property in November 2017 with the intent of either holding it with Disney as a long-term tenant or completing a conversion to a conventional multifamily project in the event that Disney vacates.
“This has been a fantastic execution,” said Mark Sanders, Founder & Principal of Fifteen Group. “We have enjoyed excellent cash flow from day one, and we would have been equally happy with operating the asset long-term with an investment grade tenant or completing a full reposition of the property and converting to market rate rentals. Given how incredibly aggressive buyers are at the moment, however, we were able to achieve a phenomenal realization faster and with less risk than we could have anticipated.”
Brett Moss and Jaret Turkell of Berkadia represented the seller.
About Fifteen Group
Founded in 1992 by brothers Mark Sanders and Ian Sanders, Fifteen Group (www.fifteengroup.com) is an entrepreneurial, real estate-focused investment firm headquartered in Miami, Florida with offices in Los Angeles, California. Fifteen Group's activities focus on value-add, opportunistic, and generational investments in all major real estate asset classes including acquisition, redevelopment, repositioning, entitlement, and ground-up development, as well as select corporate private equity investments.
About Meritage Group LP
Meritage Group LP is a fundamentally-oriented private investment firm with assets under management in excess of $11 billion as of December 31, 2020. Meritage invests in public and private equity, credit, and real estate. The firm has approximately 50 employees in offices located in Greenwich, New York City, and San Francisco.