OmniNet Capital has acquired Waterview Crossing, a multifamily community in Orlando's Rosemont neighborhood, pushing the private real estate investment firm's local footprint past 1,800 units across five properties. The deal closed as an all-cash purchase with no financing involved, wrapping up in just 14 business days.
The release identifies Waterview Crossing as a 343-unit community, according to EIN Presswire. That figure doesn't fully match other property records: elandis.com also lists the property at 343 units spanning nearly 172,344 square feet, while yardimatrix.com puts the count at 344 units. The property sits at 3997 Rosewood Way, built in 1984, and covers 15.91 acres along a waterway, per the release.
The release says OmniNet plans significant investment in Waterview Crossing. The acquisition brings the property into a cluster of four other OmniNet communities already operating in west Orlando.
Pools, a Tennis Court and a Transit Line to Job Centers
Waterview Crossing offers one-bedroom apartment homes and on-site laundry facilities, according to the release. The gated, pet-friendly community also features a resort-style pool and clubhouse, per elandis.com's description of the property's amenities.
Location was part of the pitch. The complex sits close to the N. Orange Blossom Trail (US-441) corridor and a LYNX transfer hub that gives residents direct transit access to downtown Orlando, AdventHealth Orlando, Winter Park and other major job centers, the release notes.
Brokers Point to Upside Below Replacement Cost
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction, per the release. Donaldson described Waterview Crossing as a scalable value-add community acquired well below replacement cost, in a submarket that has seen no new multifamily construction in the past five years, and said OmniNet was a natural candidate for the deal given its substantial existing presence in Rosemont and identified upside in the property.
Construction began in September on the $2.6 billion RoseArts District after six years of planning and permitting, with orlandosentinel.com describing it as the single largest infill development in Orlando history. The project's first phase calls for four apartment buildings with nearly 1,600 homes, up to 150,000 square feet of retail space and 160 units set aside as affordable housing, per that report.
Renovations Planned, More Deals on the Horizon
OmniNet plans significant investment in Waterview Crossing, the release states. OmniNet Property Management will oversee the community's day-to-day operations going forward.
The purchase lands in a market still working through oversupply from the last building boom. Orlando's trailing 12-month multifamily absorption hit 10,005 units in the third quarter of this year, exceeding new deliveries for a second consecutive quarter, according to mmgrea.com. The construction pipeline has shrunk to 69% below its early-2023 peak, representing just 3.2% of inventory, the same report found — even as occupancy rose 70 basis points year over year to 92.7% and effective rents fell 2.1% to $1,658, with 11 of Orlando's 13 submarkets still posting annual rent declines.
Separately, northmarq.com reported that vacancy edged down in the first quarter of this year as absorption outpaced new deliveries, though vacancy remained 70 basis points higher than a year earlier. Roughly 9,100 multifamily units are scheduled for delivery across Orlando this year, well below 2025 levels, per that report.
Recent comparable sales offer a sense of Orlando's apartment pricing, though the evidence does not establish what OmniNet paid for Waterview Crossing. In July 2025, Enders Place at Baldwin Park sold for $73.57 million in cash, or $334,409 per unit, while the 297-unit Alta Deco community fetched $90 million, or $303,030 per unit, according to growthspotter.com. The 384-unit Perse Apartments sold for $75 million that same month, the outlet reported.
