ORLANDO—Art Avenue Apartment Homes, a new 300-unit luxury multifamily community in Orlando, just traded hands. The sale price: $47.05 million.
CBRE Capital Markets arranged the sale. CBRE's Shelton Granade, Luke Wickham, and Justin Basquill represented the seller in the transaction. The team closed about $1.7 billion in multifamily sales in Central Florida from 2013 to date.
“Art Avenue is the fifth pre-stabilized apartment community we have sold in the last year in Central Florida,” says Granade, executive vice president of CBRE Capital Markets, Multifamily. “The property was approximately 60% leased when we took it to market.”
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