“This is our second transaction in MetroWest on the heels of the sale of The Estates at Park Avenue in May,” says Donnellan. “We also closed this week on Woodbridge Apartments in Winter Park. This validates the strong and resurging investment demand we are seeing for multi-family throughout Orlando and the entire state. The fundamentals for apartments look very favorable for the foreseeable future. We are very bullish on the asset class.”

Woodbridge Apartments is a 168-unit multifamily community located in Winter Park. The property sold for $7.8 million and is 91.7% occupied. The property was sold out of receivership. Judd says the sale represents a significant upside potential, from both property performance improvements and value-add physical enhancements.

Woodbridge’s infill location in upscale Winter Park is proximate to one of the largest concentrations of employment in the Orlando region. The property is five miles from the University of Central Florida, Central Florida Research Park, and Rollins College. The property is 15 minutes from downtown Orlando and one mile from Full Sail University.

“What you are seeing in Central Florida is banks realizing it’s time to get these properties off the books,” Bob Smith, president of Smith Equities Real Estate Investment Advisors in Orlando, tells GlobeSt.com. “If you have under 85 percent occupancy you can’t get financing. People that are selling these things are shooting themselves in the foot if they don’t offer seller financing because you are limiting the pipeline of who can buy it to cash buyers. That’s what’s driving these prices down.”