ORLANDO, FL – ECI Group announces its acquisition of Makara Orlando Apartments, a 228-unit, nine-building, Class A apartment community in rapidly growing East Orlando. The community was developed by RangeWater Real Estate and delivered in mid-2021.
“This exchange-driven acquisition demonstrates ECI’s strategy of recycling capital from older properties into newer properties and expanding our geographic footprint as we accomplish that,” said James Baugnon, President and CIO at ECI. “This is the third deal for us using this strategy in 2021. This repositioning of our portfolio has also accelerated our growth in Florida, reflecting our confidence in the underlying demand drivers in that state.” ECI recently hired a regional development partner for its Florida investments and currently owns five operating assets and recently broke ground on a new development, Parc Madison, in Tampa.
Makara Orlando Apartments is located on a unique infill site on University Drive close to an abundance of destination retail, restaurant and entertainment venues including Waterford Lakes Town Center, Baldwin Park and Downtown Orlando. The gated, secured-access community features top-of-the-market luxury amenities including a clubhouse, freestanding garages, resort-style pool, modern, 24-hour fitness club, resident lounge with kitchen and billiards and a large dog park. The community is located minutes from the University of Central Florida, the Central Florida Research Park, Siemens and Lockheed Martin. Makara was developed in 2020/2021 with the first units delivering in June 2021 and has averaged 40 leases per month since then.
Makara’s one-, two-, and three-bedroom units feature open-concept floor plans with gourmet kitchens, stainless steel appliances, granite countertops and islands, upgraded lighting, bright subway tile showers and in-unit washers and dryers.
ECI extends its appreciation to Newmark’s Central Florida team led by Senior Managing Director Scott Ramey, Associate Brad Downing and Associate Paul Grant for their representation of RangeWater Real Estate.

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TAMPA, FL – ECI Group and K.D. Keller Development have closed on a two-acre site in Tampa’s vibrant Channel District in Tampa, FL, with plans to start construction in January 2022 on Parc Madison, a 351-unit, eight-tale Class A apartment community with 6,571 square feet of ground floor retail. The project equity was funded through a joint venture of ECI, Tampa-based K.D. Keller Development, and Scottsdale, AZ-based Kandle Investments, with construction financing provided by Wells Fargo Bank, N.A. Construction is expected to be completed in the third quarter of 2023.
Parc Madison will be located at the east end of the downtown Tampa block bounded by E. Twiggs Street, E. Madison Street, and Channelside Drive, adjacent to the new City of Tampa Madison Street Park. Constructed using efficient tunnel form concrete technology, the building will have a parking deck, skyline views from upper floors, an expansive rooftop pool and gym. The 6,571 square feet of ground floor retail is targeted towards a restaurant and/or coffee shop user.
“The ECI team is excited to be underway with the Parc Madison, destined to be a signature property in downtown Tampa, featuring sleek, modern architecture and sunlit, spacious apartments,” said James Baugnon, President and CIO at ECI. “We are proud to continue to contribute to the rapid growth of the Channel District, bringing in more residents to delight in the new retailers, grocery stores, restaurants and gathering places.” In December, ECI announced the sale of the Channel Club, a 22-tale high rise apartment community developed by ECI Group and K.D. Keller Development on the same block as Parc Madison, for $136 million.
Chip Sykes and Drew Jennewein of Jones Lang LaSalle Capital Markets helped in the formation of the project joint venture.

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CAMARILLO, CA – MG Properties Group, a privately held real estate investor and operator headquartered in San Diego, California, announced their acquisition of Andorra Apartments in Camarillo, California. The 450-unit community brings 2021 to a close with over $1.9 billion in total acquisitions.
“We are thrilled to be further scaling our Southern California portfolio,” said Mark Gleiberman, Founder & CEO of MG Properties Group. “Andorra is an ideal fit for our long-term oriented private capital investor base.
With proximity to both Los Angeles and Santa Barbara, Camarillo is a uniquely situated arterial hub combining a high-quality suburban living environment with access to multiple job centers. Its well-executed design offers a perfect blend of rustic California style with modern refinement.
The buyer was represented by Joseph Smolen, Mark Peterson and Geoff Boler of Eastdil Secured. The acquisition of the community was financed with a loan from Nuveen Real Estate and arranged by Lee Redmond and Greg Stampley of Eastdil Secured.
Andorra marks the 19th acquisition in what has been a benchmark year for the company – totaling over $1.9 billion in combined value. MG Properties is continuing to target further acquisitions in Washington, Oregon, California, Arizona, Nevada, Utah, and Colorado.

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