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Central FL Apartments Hitting Market

ORLANDO, FL-Multifamily brokers say the time is right for owners to improve assets.

By Carl Cronan | Updated on November 24, 2008

(Carl Cronan is editor of Real Estate Florida.)

ORLANDO, FL-Despite the prospect of increasing apartment vacancy due to slowing job growth, multifamily real estate brokers believe the time is right to take their properties to market, or at least make improvements to their assets. Several rental complexes are coming to market lately, with buyers looking to make deals that are beneficial to both sides.

Cushman & Wakefield of Florida says it is marketing two apartment properties on behalf of Northwestern Mutual Life. The 428-unit Gates of Harbortown, in Orlando’s MetWest submarket, has an asking price of $54.6 million or $127,700 per unit, while 424-unit Osprey Links at Hunter’s Creek, on the city’s south side, seeks $53.6 million or $126,400 per unit. Both were built at least a decade ago and have received upgrades in recent years.

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