CNC outbid a dozen buyers for the class B, 99%-leased suburban property at Interstate 4 and State Road 436, eight miles north of Downtown.
The Texas investor paid Gray Co. Inc. of Richmond, VA $11.18 million or $43,000 per unit ($43 per rentable sf) for the property which sits on a low-density, 16-acre heavily wooded parcel in suburban Altamonte Springs, FL.
Gray owned the property since 1995 and had invested several million dollars into renovating and refurbishing the units, Stephen M. St. Clair of Marcus & Millichap's Orlando office, tells GlobeSt.com.
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