ORLANDO—Atlas Residential just spent $150 million on an Orlando multifamily portfolio. The sale represents the largest apartment complex deal in the metro Orlando market in 2014.
There were two properties in the transaction were. One is Crowntree Lakes, located at 5759 Crowntree Lane in Orlando. The other is Alexandria Parc Vue, located at 10649 Bastille Lane in Orlando.
CBRE's Shelton Granade, Robert Given, Luke Wickham, and Justin Basquill represented the seller in the transaction. They have closed more than $1.4 billion in apartment sales in Central Florida since 2013.
“This market-leading transaction serves as a testament to the desirability of the Central Florida market, and to the viability of the multifamily sector here,” says Granade, executive vice president of CBRE Capital Markets, Multifamily. “Rent growth is continuing to beat the expectations of property owners and managers. Rents in Orlando are forecasted to increase 3.5% to 4% each year for the next five years, and average occupancy should hold very strong in the 94% to 95% range.”
The 352-unit Crowntree Lakes community is located between East Orlando's two largest employment centers—Medical City at Lake Nona and the University of Central Florida. The Alexandria Parc Vue is located less than one mile from Walt Disney World—the largest single-site employer in the country.
CBRE earlier this month closed another mega multifamily deal in the Orlando area. Sun Key Apartment in Winter Park, FL just traded for $57.7 million. Kevin Finkel, executive vice president at Resource Real Estate, tells GlobeSt.com, "Multifamily continues to be compelling as there are several identified long-term drivers increasing the rental population and creating demand for apartment renting, which also makes this sector stable for the foreseeable future.”
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