Built in 1990, Copper Terrace consists of 16 two- and three-story buildings on 18 acres on Kirkman Road (State Road 435). The complex consists of units with one bedroom and one bathroom that range in size from 723 sf to 755 sf and rent for $695 to $700, and units with two bedrooms and two bathrooms that are 1,015 sf and rent for $775 to $835. Property amenities include a clubhouse, fitness center, pool and tennis courts.
Apartment Realty Advisors senior vice president Kevin Judd and vice president Dan Gasti, who are located in the company's Central Florida office, represented the seller which is a REIT. The occupancy level was about 92% at the time of the sale.
"The seller typically holds properties for about five years and it was time to sell," Judd tells GlobeSt.com "The buyer liked the property because it is a good asset in a good location. It has some value-add potential so the buyer will likely do some upgrades to the units."
Williams Asset Management is a real estate firm focused acquisitions, financing, asset management and dispositions of real estate assets across the country for the $300-million Williams Multifamily Acquisition Fund.
The property is located within one of the largest office submarkets in the Orlando metro area, offers excellent access to the East/West Expressway, Interstate 4 and is within a short distance of Florida's Turnpike. "Central Florida is one of the most resilient markets in the country. Economic fundamentals are solid, job growth remains the highest anywhere in the state and investor interest remains strong," Judd says. "We remain confident that Orlando will outperform market projections in 2008."
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