Apartment Investment Sales Up in Metro Area

ORLANDO-Investors continue to gobble up multifamily assets here, even as 4,000 new apartments are expected to surface by year end and probably affect the existing 91.5% occupancy rate, according to a new analysis by the local office of CB Richard Ellis Inc.

Fifteen sales totaling 3,330 units and valued at $139.3 million were closed in the first half, compared to four sales totaling 846 units and valued at $41.8 million in the comparable 2002 period. In 2001, 20 sales were recorded, totaling 4,812 units and valued at $288 million. The average per-unit price this year is $48,345 versus $49,456 last year at this time and $49,854 in 2001.

“With the large number of deliveries expected, the multi-housing market may show only modest improvement this year, but Orlando’s strong economy seems poised to spur further gains in 2004,” says CBRE SVP Robert W. Miller.