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GA Buyer Takes 300-Unit Copper Terrace for $25M

ORLANDO-Williams Asset Management acquires the property on Kirkman Road for $83,300 per unit.

By Natalie Keith | Updated on February 11, 2008

ORLANDO-Atlanta-based Williams Asset Management LLC has acquired the 300-unit Copper Terrace Apartments at 1801 S. Kirkman Rd. for $25 million. The deal equals $83,300 per unit.

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.

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