CBRE Arranges $64 Million Sale Of A 472-Unit Multifamily Property

CBRE has arranged the sale of Island Club, a 472-unit multifamily community 10 minutes from downtown Orlando. Located at 1401 Kirkman Road, the property was purchased by TruAmerica Multifamily for $64 million. CBRE’s Shelton Granade, Luke Wickham and Justin Basquill represented the seller, and CBRE’s Brian Eisendrath provided the acquisition financing for the buyer.  

“We had tremendous interest from the investor community,” said Shelton Granade, vice chairman at CBRE. “Coupled with strong market rent growth and modest common area enhancements, new ownership has the excellent opportunity to initiate a strategic program to maximize top-line revenue by updating older units with modern features and finishes.”

Completed in 1990, this gated community benefits from drive-by of more than 56,000 cars per day on over 700 feet of road frontage. Island Club is within minutes of major employers and demand drivers, and has easy access to Orlando Health Hospital, Universal Orlando Resort, and the high-end Mall at Millenia. The property boasts an unparalleled amenity footprint, which is the best in the competitive set in a lush, tropical setting. CBRE’s Florida Multifamily Team has closed more than $10 billion in apartment sales in recent years on Central Florida.

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