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Luxury Multifamily a Hot Commodity in Orlando

ORLANDO—“As Central Florida has seen a flurry of activity this year, the job market continues to expand and unemployment rates are dropping.”

By Jennifer LeClaire | jenniferleclaire | | Updated on July 11, 2016
Pine Harbour Apartments is a gated community with 18 buildings. Pine Harbour Apartments is a gated community with 18 buildings.
ORLANDO—Pine Harbour Apartments, a 366-unit luxury multifamily community in Orlando , just traded hands. The $44.5 million sales prices equals nearly $121,585 per unit. Still Hunter , Steve Whitten , and Victor Nolletti , executive director of Institutional Property Advisors ‘ Northeast and Florida team, along with Evan Kristol , a Marcus & Millichap senior vice president investments, Francesco Carriera and Michael Regan, both Marcus & Millichap first vice presidents investments, represented the seller. This team also procured the buyer. “Built in 1990, Pine Harbour offers a best-in-class amenity package, outstanding design features, scenic lake views from many of the apartments and excellent overall appeal,” says Witten. Pine Harbour Apartments is a gated community with 18 buildings that include a 24-hour fitness center, indoor racquetball court and Wi-Fi-enabled clubhouse and business center. “The Orlando rental market is rewarding apartment owners who upgrade their units’ interiors,” says Hunter. “Pine Harbour’s previous owners updated many of the units though only 24 units have been fully upgraded. By completing the unit upgrade program, the new ownership has a tremendous opportunity to unlock significant additional value.” The multifamily property is located at 10600 Bloomfield Drive in East Orlando with frontage along Florida State Road 408. The community is close to major transportation arteries, retail and entertainment venues, strong schools and diverse employers. The multifamily asset has one-, two- and three-bedroom apartments. Units range in size from 622 square feet to 1,255 square feet. “As Central Florida has seen a flurry of activity this year, the job market continues to expand and unemployment rates are dropping,” C. Lawson Dann , senior vice president of Avison Young in Orlando, tells GlobeSt.com. “As a result, the capital and investment markets continue to look attractive to institutional and private investors driving the multifamily , retail , office and industrial sectors.”

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