Franklin Street navigated the transaction to closing with new financing from a national lender, which Goldfinger says was unheard of 12 months ago. The buyer has a track record for enhancing property values by creating a fresh look by adding amenities to out-pace the competition and achieve better rents within the market, he adds.

“Demand for multifamily investments is very strong at this juncture in the cycle,” Goldfinger says. “We see continued strength and appreciation as rents and occupancies continue to rise. In turn there is an increase in debt and equity looking for multifamily transactions. The uptick in sales is being driven by properties in need of renovation and improvements, assets with stable cash flow or by properties with debt situations putting pressure on the owners and lenders.”

The initial phase of a growth cycle is under way in the Orlando apartment sector, with vacancy rates falling and rents starting to rise, according to Marcus & Millichap. Sales of large properties, often at steep discounts of $30,000 per unit or less, dominate investment activity in the market. M&M reports that Orlando remains a target for large, private investors who tend to purchase at the discounted prices but also show a willingness to pay $90,000 per unit or more for well-located, smoothly operating class A complexes.