(To read more on the multifamily market, click here.)

ORLANDO-A three-property multifamily portfolio consisting of 1,011 units in Orlando and Palm Bay has been sold to New York-based Affirmative Equities Co. The seller of the portfolio was Needham, MA-based Sawyer Realty Holdings.

The properties consisted of Reserve at Rosemont I and II in the Rosemont community in northwest Orlando, Misty Oaks in western Orlando and Landings at Palm Bay in Palm Bay. The purchase price was not disclosed but the properties were listed at $23.3 million for Rosemont I and II, $11 million for Misty Oaks and $14.7 million for Landings at Palm Bay.

Boca Raton-based Apartment Realty Advisors senior vice president Kevin Judd and principal Marc deBaptiste represented the seller in the transaction. Judd, who serves as ARA's Central Florida multifamily specialist, tells GlobeSt.com that it was the right time for Sawyer Realty to sell because of the high occupancy rates in most multifamily properties in Orlando. "They decided to take advantage of these strong conditions."

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