Home News Versity Buys Multifamily Property Near Disney World for DST Offering

Versity Buys Multifamily Property Near Disney World for DST Offering

Versity Investments LLC, a sponsor of 1031 exchanges and other private placement offerings, has purchased Astoria, a Class A multifamily property located in Celebration, Florida.

Versity Investments LLC, a sponsor of 1031 exchanges and other private placement offerings, has purchased Astoria, a Class A multifamily property located in Celebration, Florida, for $89 million. The property is Versity’s first multifamily asset and was purchased for a Delaware statutory trust offering.

Built in 2015, Astoria sits on more than 14 acres and is comprised of multiple residential buildings that include one- two- and three-bedroom units. Amenities include a saltwater swimming pool, 24-hour fitness studio with Peloton bikes, and a clubhouse with media lounge. The property is currently 97.1 percent leased.

“We are thrilled with our newest DST offering, Astoria, in the famed city of Celebration, Florida,” said Blake Wettengel, chief executive officer. “In addition to this being a gorgeous property, complete with a vintage art deco motif, its location and proximity to jobs, entertainment, and healthcare may help keep this project healthy with substantial growth potential for years to come.

Celebration, Florida, a master-planned community located 30 minutes outside of Orlando, was originally developed by The Walt Disney Company and is within close proximity to Disney World, as well as numerous dining, entertainment, and shopping destinations.

“The value of Florida real estate is at an all-time high, and with the unprecedented growth in raw material costs and construction wages, rents have the potential to continue to grow for the foreseeable future,” Wettengel added.

Versity Investments, a real estate investment firm formerly known as NB Private Capital, specializes in student housing investments. The company said that it has raised “several hundred million dollars in equity investments,” and owns a portfolio of 30 properties located in 20 states with a combined value of $1 billion.

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