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.
Both properties were acquired by Eagle Property Capital Investments, LLC.
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.
The acquisition totals 1,242 units.
The Land Advisors Organization’s Orlando office team of Mike Ripley and Steve Flanagan, acting as transaction brokers, arranged the sale.
Managing Directors Brett Moss and Matt Wilcox and Associate Director Tyler Swidler of Berkadia Orlando marketed the property on behalf of the seller, Wood Partners, one of the nation’s largest multifamily real estate developers, based in Atlanta, Ga.
Matt Williams and Kyle Schlitt of Newmark arranged the loan on behalf of TerraCap.
The asset totals 348,801 square feet and features a mix of studio, one-, two-, and three-bedroom units with an average unit size of 991 square feet.
Cushman & Wakefield’s Mike Donaldson and Nick Meoli represented the seller in the transaction.
Avison Young also assisted in arranging financing on behalf of the buyer, Beverly Hills, California-based Cores Management, Inc.
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