The community was built in 1996 and features one-, two-, three- and four-bedroom floor plans with a large average unit size of 1,021 square feet. Unit amenities include vaulted ceilings, walk-in closets, washer and dryer hookups and several units feature water or pool views. Garages and covered parking are available as well. Community amenities include two swimming pools, tennis court, basketball court, fitness center, business center and clubhouse. The property was 94% occupied at the time of the sale.

Darron Kattan, managing director of Franklin Street Real Estate Services, tells GlobeSt.com he anticipates increased activity from institutional owners in Central Florida—and he points to a combination of factors. Buyer demand is the first.

“With more capital looking for fewer deals, pricing has gone up and cap rates continue to go down, giving owners more reason to sell today,” Kattan says. “Combine that with the availability of cheap debt, both through Fannie and Freddie, and a re-emergence of conduits and life insurance companies, and the transaction market is picking up tremendously.”

Kattan says a second factor is that some of the institutions are refocusing on different markets and/or vintage of product. That, he says, is causing institutions to sell certain properties for big picture reasons involving their portfolio management.

“Finally, operations of class A and B product in Central Florida continues to be solid, with good in place NOI and rent growth, particularly from an economic standpoint,” Kattan says. “With a solid NOI in hand, it adds to the ‘seller’s market’ we see due to the lack of available opportunities for quality, stable assets, which will in turn lead to more transactions such as this one.”