Lender-Owned Multifamily Asset Trades For $14.4 Million

Marcus & Millichap arranged the sale of Royal Isles, a 264-unit, lender-owned apartment community in Orlando. The asset sold for $14.4 million. Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Still Hunter III, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a private investor from Beverly Hills, Calif., and the buyer, a Miami-based limited-liability company.  

“Upon bringing the property to market, we received tremendous interest and generated 11 competitive offers,” says Kristol. “The deal closed at $300,000 above the asking price and was awarded to an all-cash buyer who made a non-refundable deposit at contract signing. Given the property’s attractive amenity package, oversized floor plans and below market rents, significant rental increases should be achievable through strategic unit renovations and hands-on management,” Kristol concludes.

Royal Isles consists of 19 two-story buildings and one stand-alone building that serves as a leasing office. The property has 80 one-bedroom/one-bath units, 132 two-bedroom/two-bath apartments and 52 three-bedroom/two bath units. The community is located at 803 Don Quixote Ave. near the 408 East-West Expressway and one of the largest and most heavily traveled crossroads in Orlando, South Semoran Boulevard.

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