1975-Built Orlando Apartments Sell For $51.2M
The property traded above its initial pricing guidance, reinforcing an unyielding investor appetite for Central Florida multifamily.
The property traded above its initial pricing guidance, reinforcing an unyielding investor appetite for Central Florida multifamily.
The buildings, built between 1968 and 1978, were sold after an intense bidding war at a notably strong cap rate, especially for older industrial assets, indicating that investor appetite is increasing in Florida’s secondary and tertiary markets.
Totaling 1.33 million square feet, the projects in Groveland and Ocala are both being developed on a speculative basis and will deliver in early 2023.
The two sites about 92 percent occupied.
The properties were 100% leased at the time of sale to Florida-based Richland Capital Holdings.
The plazas total 102,735 square feet.
SRS National Net Lease Group represented both the seller and buyer in the transaction.
Both properties were acquired by Eagle Property Capital Investments, LLC.
David Vaughan and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private local investor. The buyer, WS Properties of Orange County, LLC, was also procured by Vaughan and Turchi.
The three communities delivered a combined total of 338 new affordable apartments reserved for income-qualifying residents in communities where the demand for affordable housing vastly exceeds the supply.
CRE-sources, Inc. is committed to ensuring that individuals with disabilities can access all of the goods, services, facilities, privileges, advantages, and accommodations that we offer through our website.If you are having trouble accessing the website, please call us at 954.290.3866 for assistance.
