What is KADAK Multifamily's buy box?

Class A and Class B garden, mid-rise, and select high-rise multifamily communities in high-growth U.S. markets, typically 200+ units, with deal sizes from $25M to $150M+. We pursue core-plus, value-add, recapitalization, and select special situations. Full written criteria live on our Buy Box page.

Which markets is KADAK most active in?

Dallas–Fort Worth, Austin, Houston, San Antonio, Phoenix, Nashville, Charlotte, Raleigh, Atlanta, Tampa, and Orlando are core. Mountain West and Carolinas submarkets are watch-list active. We add markets when employment, in-migration, and supply dynamics justify a permanent operating presence.

How does KADAK select a market?

Four filters: diversified employment with at least two structural drivers, durable net in-migration, credible household-formation tailwinds, and a supply picture we can underwrite at the submarket level. A market that fails any of the four — even temporarily — moves to the watch list.

Will KADAK look at tertiary or secondary markets?

Selectively. A tertiary market must have a credible primary-employer thesis, real housing-formation pressure, and submarket-level supply visibility. Story deals in thin markets without that foundation are a fast no.

What vintage and unit count does KADAK target?

Class A: typically 2015+ vintage, 200+ units, in supply-absorbing submarkets. Class B: 1995–2010 vintage, 200+ units, where a defined operating thesis can drive yield-on-cost expansion through hold. We do not chase 1970s-era deep value-add as a strategy.

Does KADAK acquire student or seniors housing?

No. Our mandate is conventional market-rate multifamily — workforce and lifestyle communities serving the broad rental population. Student, seniors, manufactured housing, and short-term rentals are outside the buy box.

How does KADAK underwrite insurance and property taxes?

Bottom-up. Insurance is built off live carrier quotes and projected forward at a rate consistent with submarket loss history — never a generic CPI bump. Taxes are modeled to assessor methodology with post-sale reassessment risk priced explicitly. Both are the difference between a real underwrite and a marketing model.

Will KADAK look at new construction or lease-up assets?

Yes — at the right basis. Class A lease-up at a meaningful discount to replacement cost is one of our highest-conviction trades in the current cycle. We will not chase stabilized pricing on partially leased rent rolls.

What multifamily assets does KADAK Multifamily buy in Florida?

KADAK acquires institutional-quality Class A-, B+, and strong B multifamily communities in Florida — 100+ units, preferably 1990+ vintage, in submarkets supported by employment, school districts, and durable renter demand. We pursue core-plus, light value-add, recapitalizations, assumable-debt situations, and select special situations.

Does KADAK Multifamily review off-market and brokered deals in Florida?

Yes. We actively engage both brokered offerings and off-market conversations in Florida. Complete packages — OM, T-12, current rent roll, and in-place debt summary — receive principal-level feedback within 48–72 hours, and off-market dialogue is handled with strict confidentiality.

Will KADAK Multifamily consider recapitalizations or assumable-debt deals in Florida?

Yes. Recapitalizations, GP/LP restructurings, joint ventures with existing sponsors, and assumable-debt transactions are core to our mandate in Florida — especially where the in-place capital stack has trapped a good asset and a basis reset can restore long-hold economics.

Does KADAK Multifamily partner with local property managers in Florida?

Yes. We build long-term relationships with best-in-class regional operators in Florida to manage assets we acquire. Groups with a track record on 100+ unit Class A/B communities are encouraged to introduce their platform through our operator partnership page.

How quickly does KADAK Multifamily respond on a Florida opportunity?

On complete Florida packages that fit the buy box, we provide principal-level feedback within 48–72 hours. We are direct with brokers and sellers about whether an opportunity is a fit — no false optionality, no fishing.

What kind of property managers does KADAK Multifamily partner with in Florida?

Institutional-caliber third-party managers with a track record on 100+ unit Class A- and B+ multifamily communities in Florida. Deep on-site depth in the submarket, transparent monthly reporting, and durable local relationships matter more to us than national brand.

Does KADAK consider co-GP or operating partnerships with local sponsors in Florida?

Yes. Where a Florida sponsor has a durable operating advantage — leasing, capex execution, or long-standing local relationships — we consider co-GP structures on assets that meet our institutional buy box.

What reporting standards does KADAK expect from Florida operators?

Institutional monthly financials, weekly leasing and traffic reports, quarterly capex tracking against a board-approved budget, and a clean, auditable trail on renovations — ready for a Big-Four annual audit at the fund level.

How does KADAK handle takeover and property management RFPs in Florida?

We run a structured RFP with a takeover plan, 100-day operating benchmarks, and a defined onboarding scope — from A/R clean-up and lease audit through capex sequencing. Operators active in the Florida submarkets we track are encouraged to introduce their platform.

How do Florida operators introduce their firm to KADAK?

Use the Operator Partner form on the Property Managers page. Share portfolio size, Florida unit count under management, on-site depth in the submarket, and one or two anonymized case studies. If there is fit, a principal will follow up within one business day.

What diligence materials should a Florida seller send with a first look?

An OM or property summary, trailing-12 operating statements, the current rent roll, and an in-place debt summary are enough for a first-round view. Complete Florida packages that fit the buy box receive principal-level feedback within 48–72 hours — including a price indication or a clear, reasoned pass. We do not retrade on facts that were disclosed up front.

What diligence will KADAK ask a Florida broker for up front?

An OM or property summary, trailing-12 operating statements, the current rent roll, and an in-place debt summary. That is enough for a first-round read on a Florida asset. We come back with principal-level feedback in 48–72 hours — a price indication or a reasoned pass — and we hold our indication absent new facts.

As a Florida owner, can I explore a sale without going to market?

Yes. Off-market and pre-market Florida conversations are confidential by default. We can work under a code name where staff, lender, or market awareness is a concern, and nothing is shared with lenders, brokers, or third parties without your written go-ahead.

What will a Florida seller need to provide during diligence?

A first look needs only trailing-12 financials, the current rent roll, and a debt summary. Confirmatory diligence on a Florida asset adds leases, service contracts, tax and insurance detail, capex history, and site access. We front-load our questions so diligence is one organized pass rather than a rolling list.

Will KADAK retrade a Florida deal after going under contract?

We do not retrade on facts disclosed up front. Our Florida pricing reflects the trailing-12, current insurance quotes, and taxes re-assessed at our purchase price, so the number we sign is the number we intend to close. Price only moves if diligence uncovers something materially different from what was represented.

What does KADAK expect from a Florida property management partner?

Real presence in Florida submarkets, transparent reporting on a fixed cadence, disciplined delinquency and renewal management, and a team that will defend an underwriting assumption in a weekly call. We share full underwriting with our operators — you should know the plan you are being measured against.

How is an operator's proprietary information treated in Florida?

Fee schedules, staffing models, payroll benchmarks, and vendor pricing shared during a Florida evaluation are confidential and are never passed to a competing management firm or used as leverage in a bid against you. Portfolio references are contacted only with your permission.

What diligence does KADAK run on a Florida operator before award?

Portfolio review in and around Florida, owner references, insurance and licensing verification, a look at your reporting package and accounting stack, and a walk of a comparable managed asset. We are looking for consistency across the portfolio, not a single showcase property.

What underwriting package does KADAK provide a Florida lender?

A full model built from the trailing-12 with normalized payroll, market-quoted insurance, and taxes re-assessed at our basis, plus a unit-by-unit capex scope, the rent roll, sponsor track record, and downside cases stressed on rent and expenses. Florida exit assumptions are set at or above going-in cap rates.

How does KADAK structure debt on Florida acquisitions?

We target positive leverage at close or on a defined timeline, size to a debt-service coverage that holds in the stress case, and actively pursue assumable or attractive in-place Florida debt. We do not underwrite to cap-rate compression or rely on refinance proceeds to make the base case work.

What reporting can a lender expect after a Florida closing?

Monthly operating statements and rent rolls, quarterly variance commentary against the closing model, capex draw tracking against the approved Florida scope, and immediate notice of any event that moves coverage. Loan covenants and reserve requirements are tracked by the same team that built the underwriting.

As a Lake Nona owner, can I explore a sale without going to market?

Yes. Off-market and pre-market Lake Nona conversations are confidential by default. We can work under a code name where staff, lender, or market awareness is a concern, and nothing is shared with lenders, brokers, or third parties without your written go-ahead.

All Florida markets

Florida · Orlando submarket

Multifamily Acquisitions in Lake Nona

Lake Nona is one of the strongest master-planned employment nodes in Florida — Medical City has produced a decade of high-wage healthcare, research, and corporate hiring, and it shows up in Lake Nona rental demand quarter after quarter. KADAK is an active reviewer of Class A- and B+ product here when basis reflects the post-2022 supply cycle.

Submit a Lake Nona deal Full buy box

Lake Nona Buy Box

What we're buying in Lake Nona.

Preferred asset class: Class A-, B+, and select strong B multifamily below replacement cost
Preferred unit count: 100+ units preferred · 200+ units ideal
Preferred vintage: 1990+ vintage preferred (with post-Andrew wind-code review)
Preferred deal size: $25M – $150M+
Target deal types: Core-plus, light value-add, recapitalizations, assumable debt, portfolios, and select special situations
Areas of focus: Lake Nona Medical City · Laureate Park · Nona Park Village · Lake Nona Town Center

What we like

Below replacement cost basis
Inland or controlled-insurance locations
Real employment nodes (not just population growth)
Assumable or attractive in-place financing
Rent mark-to-market with credible operator plan
Recapitalization or partnership-restructure opportunities

What we avoid

Coastal insurance traps
Over-priced lifestyle deals
Storm-risk casualness / stale insurance renewals
Fantasy rent growth assumptions
Property-tax underwriting based only on seller history
Overbuilt nodes without a clear basis advantage

Who should contact us

Owners, sponsors, family offices, developers, and investment sales teams in Lake Nona with 100+ unit apartment communities that fit — or nearly fit — the buy box above. We prefer direct principal dialogue, current-bound insurance detail, and fast, honest feedback on whether the deal is a fit.

Anchor

Medical City

Employers

UCF Health · Nemours · VA

Buy Box

Class A- / B+

For Sellers

Thinking About Selling a Multifamily Property in Lake Nona?

Whether you're an owner, operator, family, sponsor, developer, or investment group navigating loan maturity, insurance renewal shock, capex fatigue, partnership changes, estate planning, recapitalization needs, or simply pruning a portfolio — KADAK is a direct, long-hold institutional buyer for the right Lake Nonacommunity. We move with clarity and confidentiality; if the asset fits, you'll hear it, and if it doesn't, you'll hear that too — quickly and with a real reason.

Discuss a Lake Nona sale Seller & broker info

For Investment Sales

For Multifamily Brokers and Investment Sales Teams

KADAK is an active reviewer of brokered offerings, quiet listings, and best-and-final processes in Lake Nona. We value relationship-driven dialogue — early looks, portfolio conversations, and repeat business with teams we trust. When an asset fits the KADAK buy box, feedback is fast and specific. When it doesn't, we tell you why so your next call is a better one.

Send a Lake Nona offering Broker page

For Operators & PMs

For Property Managers and Local Operators

KADAK partners with best-in-class regional operators in Lake Nona on property management RFPs, takeover planning, insurance benchmarking, lease audits, capex diligence, and operating expense discipline. We rely on local operators for ground-level market feedback and expect the same underwriting rigor from our partners that we bring ourselves.

Operator partnerships Introduce your platform

Market Brief

KADAK's View of the Lake Nona Multifamily Market

Demand Drivers

Most Orlando submarkets get discussed in terms of theme-park proximity or interstate exit numbers. Lake Nona is different — the anchor tenants are hospitals, research institutions, and credit-tenant corporate footprints. UCF Health, Nemours Children's Hospital, the Orlando VA Medical Center, KPMG's national training center at Lake Nona Town Center, the USTA National Campus, and the growing Tavistock-anchored innovation district produce a renter profile with dual-income household economics that meaningfully exceeds the Orlando metro median.

Renter Profile

Lake Nona's renter cohort is the kind that pays rent, renews, and treats an apartment community like a home — durable household incomes, real employment ties, and retention economics that survive a cycle.

Supply and Concession Risk

Lake Nona absorbed a heavy 2022–2024 delivery wave. Concessions on Class A have been real — one to two months free on lease-ups was standard through 2024. That has re-based effective rents, and where 2018–2022 vintage well-located product is now priced against the current rent environment, the basis story is genuine. We underwrite in-place effective rent, not asking rent, and treat stabilization as a 12–18 month plan.

Tax, Insurance, and Operating Risk

Lake Nona is inland — a real premium advantage over coastal Florida product. We still bind against current-market wind and named-storm quotes, but the Lake Nona insurance line is one of the reasons Orlando is a first-wave Florida target for us. Orange County reassessment on trade is aggressive. We model to purchase price under county methodology and pressure-test the millage rate. Seller pro formas that assume flat taxes post-trade do not clear our underwriting.

Acquisition Fit

Lake Nona is a high-conviction submarket for KADAK when basis reflects the current supply cycle. Owners, sponsors, and brokers should send packages — complete data rooms get 48–72 hour principal-level feedback.

What KADAK Wants to See Before LOI

Agency execution is clean on well-located Class A- Lake Nona product. Life-co is a live option on 2018+ vintage best-in-class assets. Assumable low-coupon debt is a real basis advantage where it exists.

Beyond the Public View

KADAK Multifamily does not rely on public web data alone for final acquisition decisions. Every deal that advances beyond initial screen requires the current rent roll, trailing-twelve financials, verified tax and insurance runs, third-party capex assessment, in-place debt documentation, submarket rent and sale comps, ownership and title verification, on-site property inspections, direct lender feedback, and formal investment committee review. Anything below is the acquisitions-team read that frames the conversation — not the underwrite.

FAQ

Lake Nona multifamily — frequently asked.

Does KADAK buy multifamily properties in Lake Nona?+

Yes. KADAK Multifamily is an active reviewer of Class A-, B+, and strong B apartment communities in Lake Nona, including brokered offerings, off-market opportunities, recapitalizations, assumable-debt situations, and select special situations.

What size apartment communities does KADAK prefer in Lake Nona?+

In Lake Nona, KADAK targets 100+ unit communities (200+ ideal), 1990+ vintage preferred, in submarkets supported by real employment, controllable insurance exposure, and durable renter demand. Deal sizes generally range $25M–$150M+.

How does KADAK underwrite insurance in Lake Nona?+

Insurance is the primary underwriting variable in Florida. In Lake Nona, we bind current-market wind, named-storm, and flood quotes on every deal, stress the renewal path, and price the deal against the insurance line explicitly — never against a stale T-12 renewal.

Will KADAK review off-market multifamily deals in Lake Nona?+

Yes. Off-market and pre-market Lake Nona dialogue is handled confidentially. Complete packages (OM, T-12, current rent roll, in-place debt, current-bound insurance) receive principal-level feedback within 48–72 hours.

How do I submit a multifamily deal in Lake Nona?+

Use the submission form on this page or the main Submit a Deal page. Complete Lake Nona packages that fit the buy box receive principal-level feedback within 48–72 hours.

Investor FAQ — Lake Nona

Underwriting, buy box, and confidentiality in Lake Nona.

How does KADAK underwrite a Lake Nona multifamily acquisition?

We underwrite from in-place cash flow, not projections. A Lake Nona deal is modeled off the trailing-12 with normalized payroll, insurance quoted at current market, and property taxes re-assessed at our purchase price rather than the seller's historical basis. Rent growth is held to submarket-supportable levels, loss-to-lease is verified against the current rent roll, and capex is priced from a unit-by-unit scope — not a per-door placeholder.

What return thresholds does a Lake Nona deal need to clear?

We look for durable going-in yield with a credible path to expansion: a stabilized yield-on-cost meaningfully above prevailing Lake Nona exit cap rates, positive leverage at close or on a defined timeline, and downside cases that still service debt under a stressed rent and expense scenario. We do not underwrite to cap-rate compression, and exit assumptions are set at or above going-in.

What is the buy box for Lake Nona apartment communities?

Roughly 100+ units (200+ preferred), 1990+ vintage, Class A- through strong B, in Lake Nona submarkets supported by real employment nodes, top-quartile school demand, and a basis at or below replacement cost. We actively pursue assumable or attractive in-place debt, mark-to-market rent stories, recapitalizations, and partnership restructures. We pass on 1970s capex traps, fantasy rent-growth assumptions, and overbuilt nodes without a basis advantage.

What diligence materials should a Lake Nona seller send with a first look?

An OM or property summary, trailing-12 operating statements, the current rent roll, and an in-place debt summary are enough for a first-round view. Complete Lake Nona packages that fit the buy box receive principal-level feedback within 48–72 hours — including a price indication or a clear, reasoned pass. We do not retrade on facts that were disclosed up front.

How does KADAK protect confidentiality on off-market Lake Nona opportunities?

Off-market and pre-market Lake Nona dialogue is treated as confidential by default. Materials are reviewed by the principal group only, never circulated to outside brokers or competing sponsors, and never used to approach an owner around the party who introduced us. We sign seller- or broker-form NDAs, and we will work under a code name where an owner is sensitive to staff, lender, or market awareness.

Will a broker's fee and relationship be protected on a Lake Nona deal?

Yes. On brokered and broker-introduced Lake Nona opportunities we honor the listing or introduction, pay fees per the engagement, and route all owner contact through the broker. A quiet look that does not proceed simply ends — we do not revisit the asset around the introducing party.

Read the full KADAK Buy Box Submit a Lake Nona opportunity confidentially

Answers by role — Lake Nona

Confidentiality and diligence, tailored to your seat at the table.

Brokers — Lake Nona

What brokers ask before sharing a Lake Nona opportunity.

As a broker, how is my Lake Nona listing information handled?

Everything you send on a Lake Nona asset stays inside the principal group. We do not circulate packages to other sponsors, co-brokers, or data aggregators, we do not use your materials to approach the owner around you, and we sign your firm's confidentiality agreement before receiving anything marked confidential. If we pass, the file is closed — not shelved for a later direct approach.

What diligence will KADAK ask a Lake Nona broker for up front?

An OM or property summary, trailing-12 operating statements, the current rent roll, and an in-place debt summary. That is enough for a first-round read on a Lake Nona asset. We come back with principal-level feedback in 48–72 hours — a price indication or a reasoned pass — and we hold our indication absent new facts.

Is my fee protected on a Lake Nona introduction?

Yes. On brokered and broker-introduced Lake Nona opportunities we honor the listing or introduction, pay fees per the engagement letter, and route owner contact through you. A quiet look that does not proceed simply ends.

Start a confidential conversation Read the full KADAK Buy Box

Submit a Lake Nona opportunity

Send us a Lake Nona multifamily deal.

Complete packages — OM, T-12, current rent roll, in-place debt, current-bound insurance — receive principal-level feedback within 48–72 hours. Off-market dialogue handled with strict confidentiality.

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