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Demand Strong but Fewer Apartments Changing Hands

ORLANDO-Only 20 multifamily properties were sold in 2001, the lowest number in four years, a new CB Richard Ellis Inc. analysis shows. But average closing prices on units that sold were the highest at $59,854.

By Alex Finkelstein | Updated on February 14, 2002

ORLANDO-Buyers are looking hard but sellers aren’t parting readily with their multifamily properties in Central Florida, a new analysis by the Orlando office of CB Richard Ellis Inc. shows.

Only 20 apartment assets (4,812 units) were sold in 2001 at an average unit price of $59,854. That’s the lowest number of sales in four years but the highest price-per-unit since 1998.

Robert W. Miller, senior vice president, Multi-Housing Properties Group, CB Richard Ellis Inc. thinks he knows why.

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