CBRE Arranges $150 Million Multifamily Portfolio Sale

CBRE Capital Markets represented a large national owner-operator in the sale of a 1,024-unit multifamily portfolio in Orlando. The portfolio was acquired by Atlas Residential for $150 million and represents the largest apartment complex sale in the metropolitan Orlando area in 2014. The properties included in the transaction were:

  • Alexandria Parc Vue, located at 10649 Bastille Lane
  • Crowntree Lakes, located at 5759 Crowntree Lane
“This market-leading transaction serves as a testament to the desirability of the Central Florida market, and to the viability of the multifamily sector here. Rent growth is continuing to beat the expectations of property owners and managers,” said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily. “
Rents in Orlando are forecasted to increase 3.5% to 4% each year for the next five years, and average occupancy should hold very strong in the 94% to 95% range. The 352-unit Crowntree Lakes community is conveniently located between East Orlando’s two largest employment centers—Medical City at Lake Nona and the University of Central Florida. The Alexandria Parc Vue community is located less than one mile from Walt Disney World—the largest single-site employer in the country. CBRE’s Shelton Granade, Robert Given, Luke Wickham, and Justin Basquill exclusively represented the seller in the transaction, and have closed more than $1.4 billion in apartment sales in Central Florida from 2013 to date. Just last week, the same team closed another mega-multifamily deal.  The team represented the seller, a controlled affiliate of Starwood Capital Group, in the sale of Sun Key Apartments in Winter Park for $57.7 million. BC Property Investments acquired the 596-unit luxury apartment community in the Orlando suburb.
“As one of the year’s largest such transactions in Orlando, this acquisition exemplifies the strength of Central Florida’s multifamily market,” says Granade, executive vice president of CBRE Capital Markets, Multifamily. “Rents are on the upswing in this high-barrier-to-entry location, and this desirable entry point property is likely to generate additional returns through modest property enhancements and further market improvement.”
The multifamily community was built in 1987 but has seen $12 million in capital upgrades in recent years. Located 15 minutes from Downtown Orlando and just a few minutes from upscale shopping and dining in Winter Park’s “Rodeo Drive,” the Park Avenue district, the complex is 94% occupied.    ]]>



Get the latest industry news and information from CRE-sources delivered right to your email inbox!

And we promise…no more than one email each morning.


0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *