A 300-unit apartment complex in Orlando's SoDo district has new ownership after ParkProperty Capital paid $68.2 million in cash for Hadlow at SoDo, a property at 3219 S. Orange Ave. that was known until recently as Ecco on Orange. The deal closed Sept. 16, bringing one of Orlando's urban-core multifamily properties under the control of a privately held investment firm backed by members of Germany's Otto family.
The purchase price works out to roughly $227,300 per apartment, according to GrowthSpotter, which reported that ParkProperty Capital acquired the property from an entity tied to Atlanta-based Cortland. GrowthSpotter's reporting describes the deal as one of the larger recent multifamily investments in Orlando's urban core, and notes it appears to be ParkProperty's second publicly disclosed Orlando investment.
ParkProperty Capital markets itself as a gateway to U.S. multifamily real estate for European investors, according to the same GrowthSpotter report, investing through funds and direct family investments. The firm is based in Atlanta and Hamburg, Germany, and it targets growing metropolitan areas with professionally managed garden-style and mid-rise communities of at least 150 apartments — with Orlando named as one of its target markets. As of April 2025, the company claimed 24 investments since its 2020 founding, representing nearly 7,000 apartments, $2.04 billion in assets under management, and $1 billion in invested equity, per GrowthSpotter. ParkProperty typically invests between $15 million and $45 million in equity per transaction.
From Ecco on Orange to Hadlow at SoDo
The complex has gone through several identities since it first opened. A Lecesse Development affiliate bought the 3.7-acre site for $5.625 million in January 2018, construction began that spring, and Fifth Third Bank provided a $40.2 million construction loan. Lecesse completed the 300-unit complex — part of a mixed-use development that also included 60,000 square feet of retail — in 2019, nearly seven years before this October's reporting, as Ecco on Orange.
The retail portion had its own turnover: Lucky's Market closed about a year after opening and was later replaced by Publix. The ownership entity became an affiliate of Cortland in 2021, and the property operated for a time as Cortland on Orange before being rebranded Hadlow at SoDo around the time of the ParkProperty acquisition, according to GrowthSpotter.
Cortland, which reported $19.4 billion in gross real estate value and managed 231 properties totaling 73,700 apartments across 24 U.S. markets as of June 30, has associated some of its properties with client funds or other investment vehicles, per the same report.
How the Price Compares to County Valuations
The Orange County Property Appraiser valued the complex at about $75 million in 2023, $68.9 million in 2024, and $57.7 million in 2025, before assigning it a working value of approximately $60.4 million in 2026. ParkProperty's $68.2 million purchase price lands about 13% above that current county value but roughly 9% below the 2023 valuation, GrowthSpotter reported.
A Broader Rebound in Orlando Apartment Sales
The sale lands amid what market trackers describe as a notable recovery in Orlando's apartment investment market. Multifamily transaction activity in Orlando increased 56% year over year in 2025, with transaction velocity and volume reaching their highest levels since 2022, according to northmarq.com. Even so, the median price per unit remained about 25% below its 2022 level as of 2025.
Construction, meanwhile, has pulled back sharply. Orlando multifamily construction activity declined 65.9% from its 2023 peak and was down 40% year over year, according to The Real Deal. The market has absorbed nearly 6,400 units so far in 2026, outpacing construction completions for the first time since 2021, the outlet reported. Average asking rents were projected to rise approximately 1.2% by the end of 2026, with overall vacancy expected to hold nearly flat at 8.9%, per northmarq.com. Separately, Orlando's average advertised asking rent reached $1,767 in May 2026, according to yardimatrix.com, which also reported that Orlando multifamily transactions totaled $347 million through May 2026 at an average per-unit price of $174,502.
Nearby Deals Offer Price Comparisons
Several other Orlando-area apartment sales from 2025 illustrate the range of recent pricing. The Villages on Millenia Apartments sold for $174.8 million, or $208,095 per unit, while M2 at Millenia traded for $86.5 million, or $214,640 per unit, both deals reported by GrowthSpotter. The Place On Millenia Boulevard Apartment Homes sold for $65 million, or $175,202 per unit, and Hudson at East, a 275-unit property completed in 2019, sold for $55.36 million, or $201,300 per unit. East at Innovation, a 264-unit property that opened in 2017, sold for $52.41 million, or $198,520 per unit, and Afton Palms in Sanford traded for $70.4 million, or $200,000 per unit. The median Orlando multifamily sale price in 2025 was $251,400 per unit, up 5% from 2024, according to northmarq.com.
ParkProperty Capital's Orlando footprint already includes another project: the firm worked with Winter Park-based Epoch Residential on a 325-unit Lake Nona apartment development that secured a $54.7 million construction loan from TD Bank, GrowthSpotter reported. That project has since been completed and is leasing as Brisolé.
