OpenStreet Capital and JDCAP Buy Legacy Universal in Orlando for $129M
OpenStreet Capital and JDCAP have acquired Legacy Universal from Legacy Partners and Phoenix Capital Management for $129 million, Commercial Observer has learned
Located at 7488 Universal Blvd. in Orlando, Fla., Legacy Universal is a 350-unit, four-story garden-style multifamily complex built in 2022. Amenities at Legacy Universal include a fitness studio, a saltwater heated pool, a summer kitchen, a clubhouse, a pet spa, a dog park and private garages.
State Farm provided $50 million in acquisition financing for the deal. Newmark (NMRK)’s Scott Ramey, Brad Downing, Patrick Dufour, Ryan Moody and Paul Grant arranged the sale. Matt Williams, Kyle Schlitt and Robert Wright from Newmark secured the financing.
“Legacy Universal truly raised the bar for luxury apartments in Orlando,” Ramey said in prepared remarks. “The property is one of the only surface-parked assets in the market to feature two rooftop amenity decks, air-conditioned corridors and 10-foot ceilings on all units. These design features set the property apart from the competitive set and helped fuel their incredible lease-up.”
Officials at OpenStreet Capital, JDCAP, Legacy Partners, Phoenix Capital Management and State Farm did not respond immediately to requests for comment.
Emily Fu can be reached at efu@commercialobserver.com.
