Cushman & Wakefield has arranged the sale of Courtyard Villas, an 80-unit multifamily community located in the Holden Heights neighborhood of Orlando. The final sale price was $8.01 million.
Cushman & Wakefield’s Mike Donaldson and Nick Meoli represented the seller, ARMOS Property Group, in the transaction. The property was acquired by Red Knight Properties.
“Holden Heights is a submarket that has been experiencing exceptional growth. Courtyard Villas is in the heart of the neighborhood and strategically located minutes from the Mall at Millenia, downtown Orlando, and several theme parks,” said Donaldson.
Located at 3764 South Rio Grande Avenue, the property was 93% leased at the time of sale. The single-story concrete block property was built in the 1970s and consists of 18 residential buildings that include two-bedroom units. Amenities include a swimming pool with a sundeck and an on-site laundry facility.
The property also includes value-add potential that can be achieved through future interior and exterior enhancements such as new plumbing and lighting fixtures in all the units, re-painting the entire property, and adding a gate around the community with controlled access.
“We continue to see high volume demand for properties with any value-add component,” said Meoli. “Value-add communities have always been well sought after, but once you incorporate the explosive growth being experienced in central Florida, it is no surprise that we keep seeing droves of investors coming to the area to be a part of the action, many of which are first time investors in the state.”
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