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Newmark Multifamily Capital Markets Vice Chairmen Scott Ramey and Patrick Dufour, Director Brad Downing and Associate Paul Grant represented the seller in the sale transaction.
The Flats Orlando will operate as a hotel with short-term stay options streamlined through an exclusive rental program led by a worldwide brand soon to be announced.
The 376-unit apartment development was purchased for $71 million.
The new leases bring Church Street Market, which was built in 2006, to 91 percent occupancy.
Two of the team members come from Colliers where they worked together on the Retail Investment Sales team for Central Florida.
Rory Shelby, Scott Gould, and Christopher Biuso, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, MPV Properties.
The 45,000-square-foot facility recently broke ground within East Park Village, a 23-acre mixed-use development in Orlando’s Lake Nona neighborhood that will include a multifamily, retail, and hospitality component.
The City of Apopka is looking at 2.6 million more square feet of warehouse space in areas around the municipal airport.
Managing Director Scott Wadler, Senior Director Matt Nihan and Associate Director Alec Fox of Berkadia South Florida secured the financing on behalf of the buyer.
The Orlando office market saw improved office activity in the second quarter after a somewhat slow start to the year.
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