ORLANDO—There's plenty of focus on Downtown Orlando, but the city's submarkets are also seeing plenty of interest from investors. Multifamily investors are snapping up apartment assets in prime markets like Altamonte Springs
Village Green, a 164-unit, 140,000-square-foot multifamily community in Altamonte Springs, is the latest example. Harbor Group International sold the apartment community to Insula Companies for $12.6 million
CBRE's Shelton Granade, Luke Wickham, and Justin Basquill represented the seller. The multifamily asset is located at 112 Essex Avenue.
“Many investors place a premium on 'walkable' locations, and Village Green checks a lot of boxes in that regard,” Granade, executive vice president of CBRE Capital Markets, Multifamily, tells GlobeSt.com. “Tenants can easily walk to a Publix-anchored retail center, the Altamonte Mall, a new Whole Foods, Crane's Roost Park, and dozens of restaurants.”
Built in 1970, Village Green has two-story concrete block buildings with two pools, two clubhouses, and a fitness center. The occupancy rate is 97%.
“Village Green's high-demand and walkable location in Seminole County helped garner significant interest in this offering,” says Granade. “With upgraded units in the submarket achieving rent premiums of $150 per month, Village Green is well positioned to benefit from an improving market and realize higher rents through property enhancements.”
Granade and his Orlando-based multifamily team have executed more than $2 billion in apartment transactions in Central Florida from 2013 to date. He's shared with us in recent weeks how Canadians are flocking to Orlando multifamily, how he's seeing rare multifamily deals inking, and closed some mega multifamily deals in the area.
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