Partnership Snaps Up Pershing Pointe Apartments

ORLANDO-Buying a fully leased local apartment complex with an annual gross rent roll of about approximately $1.2 million seemed like a no-brainer to a California family partnership. And that’s what JB, EZ & JH Pershing LLC did quickly after learning that a prior contract on the 15-year-old, 144-unit Pershing Pointe Apartments had fallen through due to Florida hurricanes.

The two families–one from Southern California; the other from Northern California–paid Pershing Pointe Association, the property’s original developer, nearly $8.2 million, or about $56,701 per unit and $54.84 per sf. “They stepped to the plate immediately,” Darrell H. Johnson, a senior broker at locally based Smith Equities Corp., tells GlobeSt.com. Johnson handled both sides of the transaction.

Average rents at the concrete block-constructed complex at 4304 Pershing Point Place are $675 per month. The apartments are all two-bedroom, two-bath units with average living areas of 1,034 sf and individually metered utilities.