Portfolio Of 1,075 Units Trades In Largest Central Florida MF Sale Of ‘15

Milestone Group and Milestone Apartments Real Estate Investment Trust acquired the assets. CBRE Capital Markets arranged the sale of the Central Florida Portfolio. The multifamily portfolio includes Heritage on Millenia, Summit at Metrowest, and Legends at ChampionsGate in Orlando. The three Orlando assets sold for $89 million. The deal also included Vinings at Hunter’s Green in Tampa, but the price was not disclosed.  

“Central Florida is increasingly becoming a top-tier target for national and global multifamilyinvestors,” Shelton Granade, executive vice President of CBRE Capital Markets, Multifamily, tells GlobeSt.com. “We’re hitting on all cylinders—population gains, employment growth, and large infrastructure improvements. That’s translating into higher rents and better returns for buyers and owners.”

MPF Research forecasts that greater Central Florida will add over 250,000 jobs by 2018, and that average market rents will increase as much as 4% to 5% in each of the next three years. Those gains bode well for owners of assets like the ones in this portfolio.  

“This portfolio presented investors with the opportunity to immediately expand their footprint in the region in a meaningful way, and to place a large amount of capital across four locations with great synergies and upside,” says Granade. CBRE’s Luke Wickham and Justin Basquill worked with Granade to represent the seller.

Heritage on Millenia, completed in 2005, offers 303 rental units. Summit at Metrowest was completed in 1991 and has 280 units. Legends at ChampionsGate was completed in 2001 and has 252 units. Vinings at Hunter’s Green was completed in 1995 and has 240 units. Each of these gated multifamily communities offers strong amenities, including resort-style pools, fitness centers, private garages, and large clubhouses. All of the properties present new ownership with the opportunity to increase rents through modest value-add upgrades.   Source:  GlobeSt.  

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