ZMR Capital has acquired Sonoma Pointe, a 216-unit garden-style multifamily community in the Kissimmee submarket of Orlando, Florida, in an all-cash deal. The Tampa-based real estate investment company increases its Orlando apartment portfolio to 1,000 units and is on pace to eclipse 4,000 units in Orlando by the end of 2022.
“Our ability to scale up so quickly in Orlando sends a message to our investors and the industry that we have the resources and capabilities to come into a market and execute on deals with a high level of certainty,” said ZMR CEO Zamir Kazi. “Acquiring four properties in this market over the last seven months demonstrates our willingness to roll up our sleeves and get deals done.”
Located at 1300 Santa Rosa Drive, Sonoma Pointe offers a mix of one-, two- and three-bedroom floor plans across nine three-story residential buildings. All units feature stainless-steel appliances, granite countertops, washers and dryers, vinyl-plank flooring, and private patios or balconies. The upgraded community areas include an expansive clubhouse with innovation stations, gaming and business lounges, a resort-style pool with sundeck and cabanas, a brand-new fitness center with cardio and strength training, and detached garages with car charging stations.
Sonoma Pointe residents enjoy its close proximity to many of the market’s major employers including three major healthcare facilities, as well as the Orlando Airport, Orlando CBD and the city’s many theme parks.
Orlando’s population will grow by more than 1,500 people every week for the next 11 years, eventually reaching a population of 5.2 million, according to the Orlando Economic Partnership. The fastest growing industry in Orlando is expected to be home and healthcare services, with a 64 percent increase in employment predicted.
“The Orlando economy has diversified well beyond tourism and is now home to new jobs from a broad group of employment sectors, including healthcare, telecom and bio tech,” said Kazi. “These sectors have fueled the Orlando job engine, which is leading the rest of the nation in employment growth.”
Scott Ramey, Senior Managing Director in the Winter Park office of Newmark marketed the property for sale on behalf of the seller. Brian Kochan, Vice Chairman at Newmark was the debt broker. The lender was Amerant Bank.