Garden Apartment Asset Goes for Record Price

MAITLAND, FL-Older, well-maintained and strongly leased multifamily properties are still generating top-tier prices as indicated by the nearly $16-million sale of the 36-year-old, 366-unit Howell Branch Station apartment community comprised of 32 rental buildings in this suburban city.

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.