Bridge Investment Marks Entry Into Central Florida Multifamily Market With $50.65M Purchase

Auvers Village just traded hands for $50.65 million. Salt Lake City-based Bridge Investment Group Partners acquired the 480-unit multifamily asset, which is located Orlando’s affluent Baldwin Park submarket. CBRE represented the seller in the transaction. It marks Bridge’s entrance into the Central Florida multifamily market. The firm plans to upgrade the interiors and amenities of the 1989-vintage asset. “The property is ideally located in a highly visible location on Semoran Boulevard across from the prestigious Baldwin Park neighborhood of Orlando,” says Shelton Granade of CBRE. Granade led the sales effort in Orlando working with Luke Wickham, Robert Given, and Justin Basquill. “Auvers Village is a prime candidate to add value through enhancing the unit interiors and amenities,” Granade says. “We generated very strong demand from prospective buyers, which demonstrates the quality of the asset and serves as further proof that the Orlando multi-housing market will be a national growth leader over the next few years.” CBRE Econometric Advisors Research projects that the Orlando multi-housing market will outperform the national averages in terms of occupancy and rent growth over the next five years. During the same time, average apartment rents in Orlando are forecasted to climb nearly 21%. For its part, Greater Orlando is projected to add 244,000 new jobs by 2019 as well, ranking first in the country in terms of percentage increase in employment. CBRE says projected gains are a good sign for owners of well-located assets like Auvers Village.   Source:  GlobeSt.  ]]>