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Apartment Sales Pick Up, Still Below 2001 Levels

ORLANDO-An early October spurt brought the 10-month count to $166 million in sales, versus $288 million for all of 2001. A new CB Richard Ellis Inc. analysis projects buyer demand will remain high but that supply and cap rates will stay low.

By Alex Finkelstein | Updated on November 06, 2002

ORLANDO-Cash-rich institutional investors still can’t find enough suitable multi-housing product in metro Orlando to do deals, according to a new market analysis by the Orlando office of CB Richard Ellis Inc.

An early October spurt produced five sales, bringing the 10-month count to 11 sales valued at $166 million versus $288 million for all of 2001. But for the first nine months of the year, the investment sales chalkboard was almost bare, the CBRE study finds.

Only seven sales comprising 1,865 units and totaling $89.84 million were closed compared to 15 sales comprising 2,961 units and valued at $151.58 million in the same 2001 period, a 41% decrease in dollar volume. The sales count was down 53%; unit count dropped 37%.

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