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Number Of Units
Constructed in 2008, Patterson Court (The Property) consists of 384 one-, two-, and three-bedroom luxury apartment units averaging 1,111-square feet. The community is comprised of 17, three-story wood-framed buildings, as well as a lavish sundeck with cabanas and lounges, swimming pool, fitness center, student rooms with individual work centers, a car wash center, and four on-site laundry facilities.
The Walt Disney Company currently has a master-lease with the Property, using it as housing for the Disney College Program. The Property is in the heart of Orlando’s premier dining and entertainment district, the International Drive Corridor. It is conveniently located between I-4 and International Drive (“I-Drive”), providing easy access to world-class restaurants and shopping, as well as numerous business parks and Downtown Orlando.
The Property is 100% NNN master-leased to Walt Disney World Resort through April 2023. Disney recently relocated all tenants at the Property and pivoted to hiring Lincoln Property Company as manager to sublease the units to new renters. The property has since fully re-leased at rents 50% below the competitive set and is positioned to benefit from the strategic implementation of a value-add program of both interiors and exteriors to bring rents up in line with the market.
Built specifically for Disney, construction specs were higher than is standard in the market. 50% of the units are three bedrooms with three full bathrooms, ideal for families and roommates. Amenity spaces are notably larger than any comps (including new construction) and number of parking spaces is notably higher than any comps, with at least two spaces per bedroom for a parking ratio of 2.34, or 899 spots.
The property is directly across the highway from the entrance to Disney World, in the I-Drive corridor, the epicenter of Orlando’s Tourist Corridor submarket. 10 of Orlando’s 12 largest employers are located within this Corridor.