Walton Street has acquired Dolce Living Royal Palm, a Class A 326-unit garden-style community in Kissimmee, Fla. The property traded for $95 million, and the seller was Landmark Properties, Yardi Matrix data shows.
The asset is also subject to a permanent loan of $51.4 million originated by TIAA, according to the same data provider. This acquisition was made in partnership with RPM Living Investments and the property will be rebranded as The Muse at Winter Garden.
Completed in 2021, the 12.7-acre community includes 12 two- and four-story buildings and encompasses a mix of one-, two- and three-bedroom apartments, averaging 956 square feet. Interiors feature granite countertops, stainless-steel appliances, washers and dryers in all units, with private balconies and patios in select units. Common-area amenities include a swimming pool, fitness center, theater room, business center, golf simulator room, barbecue and picnic area and dog park.
Walton Street expanding Florida footprint
This acquisition represents Walton Street’s entry in the Orlando market and expanding the partnership with RPM, stated in prepared remarks Tom Jaeger, principal at Walton Street. The company owns three Class A properties in Florida, including a newly-built 226-unit community in St. Petersburg, Fla., which was acquired in early January this year for $100 million.
Located at 3250 Orleans Ave., the property is 25 miles from downtown Orlando and close to W. Irlo Bronson Memorial Highway and Interstate 4, which offers residents access to several job centers in the health-care, distribution and tourism industries. The community is close to entertainment venues and tourist attractions, including Magic Kingdom Park and Old Town. Retail and dining options are available nearby, such as Olive Garden Italian, Target and other several stores on Rolling Oaks Boulevard. Orlando International Airport is 26 miles away.