Encore Metro at Millenia (Orlando)

Encore Metro at Millenia is a 215-unit class A garden style community completed in 2021. This asset is in an ideal location for business professionals, located within close proximity to both premier shopping and the business district. The asset is just minutes from the Mall at Millenia, Lockheed Martin, International Drive, Universal Studios, Walt Disney World, and downtown Orlando.

With a lower cost of living and a friendly tax-climate for individuals and businesses, Orlando is a top migration destination. Last year, Orlando’s growth rate was the 2nd fastest of the top 30 largest U.S. cities – 4x the overall U.S. growth rate, with a predicted 19% increase in jobs by 2030. Rent growth in the Millenia submarket is up 8.1% over the trailing 12-month period and remains ahead of the market average of 5.7%.

Encore Metro features an attractive mix of studio, 1-, and 2-bedroom units. The asset experienced rapid lease-up to stabilization in less than 9 months. It also presents an excellent opportunity to bring first generation leases up to market rent in a sought-after location, assume below-market fixed-rate debt, and purchase at an attractive going-in basis well below where older vintage comps have traded in the past year.

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