(Carl Cronan is editor of Real Estate Florida.)
ORLANDO-The local office of Apartment Realty Advisors has been hired to market 160 multifamily units at the Milan Condominiums in suburban Apopka. ARA Florida's Distressed Assets Solutions Group as the exclusive agent for the bank-owned units, which make up two-thirds of the upscale complex.
"The property represents an excellent opportunity to purchase a significant number of unsold units in a fractured condominium well below replacement cost," says Kevin Judd, vice president at ARA's Orlando office. The units' replacement cost may range anywhere from $125,000 to $150,000 each, he says.
Milan's 80 previously sold units went for an average of $162,000, while the others are currently 44% occupied at rents averaging just under $1 per month, according to ARA. The condo project's Web site states that units range between 611 and 1,288 square feet, with monthly rents from $770 to $1,165 per month.
The property, located four miles west of Interstate 4 on State Road 436 in Orlando's northern half, includes country club-style amenities such as gated access, an oversized pool and spa, a fitness center and a clubhouse. Unit features include energy-efficient appliances, nine-foot ceilings, large walk-in closets and Roman tubs.
The Orlando metropolitan area apartment sector appears to be stable in the long term, with job losses in construction, retail and government sectors being offset by gains in the hospitality industry and medical field, according to Marcus & Millichap. The firm states that investors are optimistic about the market's long-term prospects and more robust apartment fundamentals in upcoming quarters.
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