NAPLES, Fla.--(BUSINESS WIRE)--Halstatt Real Estate Partners, a real estate private equity firm, today announced the sale of UnionWest at Creative Village, a mixed-use purpose-built student housing tower in Orlando, Fla. The asset was purchased by Provident Resources Group, and the purchase was funded through the offering of tax-exempt and taxable bonds underwritten by BofA Securities. Halstatt Real Estate Partners partnered with Development Ventures Group and Ustler Development to create the 15-story building with 644 student housing beds, more than 100,000 square feet of academic space, and 11,000 square feet of street-level retail plus a 600-space parking garage. The tower opened in August, 2019 and has been well-received, maintaining strong occupancy levels since its debut.
“We are incredibly proud to have been a part of the development of UnionWest at Creative Village and what has become a best-in-class collaborative, learning, and academic campus in the heart of Orlando,” said Bobby Sullivan, managing director, Halstatt Real Estate Partners. “This project exemplifies our commitment to creating innovative, high-quality developments that meet the needs of both students and the surrounding neighborhood. Partnering with Development Ventures Group and Ustler Development allowed us to bring this vision to life, and we are thrilled with the execution, quality, and success of the project. As UnionWest transitions into its next chapter under Provident Resources Group, we are confident it will continue to serve as a cornerstone of the Creative Village community and a dynamic hub for the University of Central Florida and Valencia College downtown campus.”
The UnionWest at Creative Village sale marked the second successful exit involving bond financing for Development Ventures Group, known as the Deven Group.
“We were able to get creative, which led to a deal with an above-market valuation despite a challenging financing market,” said Thom Cunningham, CEO of the Deven Group. “Great partnerships like those with Halstatt Real Estate Partners and Ustler Development are critical to our business model and to our mutual success."
Located at the corner of W. Livingston Street and N. Terry Avenue, the $105 million UnionWest is part of Creative Village, a $1.5 billion mixed-use master redevelopment project in Downtown Orlando. The high quality, sustainable neighborhood features a dynamic mix of uses with urban amenities such as restaurants, art, parks, and open spaces.
Halstatt Real Estate Partners identifies value-add and opportunistic real estate projects throughout Florida and other parts of the Southeast and Texas. The company partners with qualified sponsors to develop and implement a strategic business and capital improvement plan to maximize demand-driven development opportunities.
About Halstatt Real Estate Partners
Halstatt Real Estate Partners (“HREP”), a women-owned real estate private equity firm, has participated in the acquisition and development of over $1 billion in Southeast based real estate assets since 2011. Founded by the Sproul family, based in Naples, Florida, and a proud part of the Collier Family legacy in Southwest Florida, HREP invests in middle market, value add and opportunistic commercial and residential real estate projects. HREP works with best-in-class local and regional operating partners to maximize the value of its real estate investments. HREP invests alongside a cross-section of institutional limited partners from fund to fund including charitable foundations and endowments, domestic and international family offices, and corporate pension funds with a history of continuity. www.halstattrealestate.com
