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Apartment Buyers Coming Off Sidelines

ORLANDO-Investor interest is ticking back up, with CBRE selling four properties in June.

By Carl Cronan | Updated on July 02, 2009

ORLANDO-After waiting many months for local economic conditions to improve, apartment property investors are starting to come off the sidelines. Brokers who have fielded calls about rental units say they are now seeing them backed up with cash.

“There has been increased activity and interest over the past 60 to 90 days,” says Shelton Granade, first vice president with CB Richard Ellis in Orlando. He tells GlobeSt.com that CBRE’s Central Florida Multi-Housing Group closed four local apartment properties totaling approximately 700 units in June for a total of $67.4 million, or $96,300 per unit.

The purchases, which involved three separate buyers, included two value-add opportunities built in the late 1980s, a newer community built during the current decade and a small low-income tax credit property. CBRE declined to identify the buyers and sellers at their request.

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