Halstatt Real Estate Partners Achieves Sale of UnionWest
Halstatt Real Estate Partners, a prominent real estate private equity firm, has announced the successful sale of the UnionWest at Creative Village. This mixed-use student housing tower is located in Orlando and has proven to be a vital asset within the community.
Details of the Sale and Collaborations
The UnionWest tower, which features 644 student housing beds, over 100,000 square feet of academic space, and 11,000 square feet of commercial retail areas, has caught the attention of Provident Resources Group, the new owners. The sale was made possible through an innovative funding structure utilizing both tax-exempt and taxable bonds, underwritten by BofA Securities.
The Vision Behind UnionWest
Bobby Sullivan, managing director at Halstatt Real Estate Partners, expressed pride in their role in developing UnionWest. The project stands as a shining example of creating collaborative, high-quality living and learning spaces that serve both the student population and the broader community.
A Strong Community Impact
Community engagement was at the forefront of the project’s execution. Sullivan elaborated that the partnership with Development Ventures Group and Ustler Development brought their vision to life, resulting in a project that serves as a cornerstone for Creative Village. As UnionWest transitions under Provident’s stewardship, the expectation is for it to remain a dynamic hub for students of the University of Central Florida and Valencia College.
Financial Highlights and Market Context
The exit from UnionWest signals a significant achievement for Development Ventures Group, or Deven Group, marking its second successful venture involving bond financing. CEO Thom Cunningham highlighted the creativity involved in structuring the deal, which resulted in a valuation above market expectations despite the challenging financing climate.
Investment Philosophy
Halstatt Real Estate Partners focuses on value-add and opportunistic projects throughout Florida and beyond, partnering with sponsors to optimize real estate investments. Their approach is centered around identifying demand-driven opportunities and implementing strategic improvements.
About Halstatt Real Estate Partners
This women-owned firm has been active in Southeast-based real estate since 2011, having managed over $1 billion in acquisitions and developments. Founded by the Sproul family, Halstatt Real Estate Partners is deeply rooted in the Collier family legacy in Southwest Florida. Their investment strategy involves collaboration with local and regional operators to maximize returns.
Frequently Asked Questions
What is the significance of the UnionWest sale?
The sale signifies Halstatt Real Estate Partners' successful exit strategy and highlights the project's positive impact on the Orlando community.
Who purchased UnionWest?
UnionWest was purchased by Provident Resources Group, reflecting strong market demand for student housing in Orlando.
What amenities does UnionWest offer?
UnionWest includes 644 student housing beds, academic space, retail options, and a parking garage, catering to both students and residents.
How does Halstatt Real Estate Partners operate?
Halstatt Real Estate Partners identifies and partners with qualified sponsors to develop opportunities in real estate while focusing on value-add strategies.
Why is the project important for the local community?
UnionWest serves as a vital connection to educational institutions and enhances the overall development of the Creative Village area, fostering community growth.
