New York-based Affirmative Equities paid Fletcher Bright Properties of Atlanta $43,579 per unit for the 86%-leased property which offers a net rentable area of 343,000 sf at 2105 Howell Branch Road.
Robert W. Miller, senior vice president in the Orlando office of CB Richard Ellis Inc., tells GlobeSt.com the closing price is "a record for a garden-style apartment property built prior to 1980 that has not undergone a major rehab or is a condo conversion." Miller adds, however, "there are some other pending transactions that should exceed (even) this record" price.
The CBRE executive says the deal itself involved no extraordinary contract hurdles to overcome but "the primary challenge (for the seller) was picking a buyer. We had several very qualified buyers who made very aggressive offers." Miller represented the seller. Affirmative Equities negotiated for itself.
The property was on the market for five months. The deal was done at this time because "the seller wanted to take advantage of the hot market," Miller tells GlobeSt.com. He won't disclose the cap rate, however. "It was very aggressive, but I'm not sure if I am at liberty to say." The broker says cap rates "can be very subjective, depending on what numbers you use."
The average asking base monthly rent at Howell Branch Station is 68 cents per sf or $636 per unit.
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