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Why This Tertiary Multifamily Asset Got Top Dollar

ORLANDO—Advenir acquired the multifamily prize. The deal marks its third Orlando-area multifamily buy in three years.

By Jennifer LeClaire | jenniferleclaire | | Updated on July 25, 2016
Oak Forest, a 408-unit, garden-style multifamily community in the Orlando suburb of Ocoee, FL, has traded hands. The sale price: $42.75 million. Oak Forest, a 408-unit, garden-style multifamily community in the Orlando suburb of Ocoee, FL, has traded hands. The sale price: $42.75 million.
ORLANDO—Oak Forest, a 408-unit, garden-style multifamily community in the Orlando suburb of Ocoee, FL, has traded hands. The sale price: $42.75 million. Advenir acquired the multifamily asset. The deal marks Advenir’s third Orlando-area multifamily buy in three years. ARA Newmark executive managing director Kevin Judd , associate Scott Ramey , executive managing director Patrick Dufour , and vice chairmen Marc deBaptiste and Dick Donnellan represented the seller, Palatine Capital Partners . Based in New York City, Palatine pursues real estate investments in several asset classes including multifamily, self-storage, parking and seniors housing. “Located within a short drive of the affluent city of Windermere and Downtown Orlando, the area around Oak Forest is a hotspot for new development and infrastructure expansion,” Judd tells GlobeSt.com. “The area immediately surrounding Oak Forest has become a hotspot of new development and infrastructure expansion.” North of Windermere and west of Downtown Orlando, the multifamily property lies between four of Orlando’s most highly-traveled thoroughfares: Florida’s Turnpike, Colonial Drive (SR 50); the East-West Expressway (SR 408); and the Western Expressway (SR 429). Valencia College and the anticipated UFC downtown Orlando campus are within a short drive. “Oak Forest is located directly across from Health Central, the largest hospital in the region,” says Ramey. “This well-maintained property provides unmatched walkability to a major, growing job center and an excellent opportunity to implement an interior renovation program and completely reposition the asset.” Constructed in two concurrent phases from 1989 to 1991, Oak Forest offers one-, two- and three-bedroom multifamily . Amenities include pools, a newly-remodeled clubhouse, fitness center, basketball and tennis courts and children’s playground. Central Florida’s suburbs are seeing momentum. Read more about this in my latest column . Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE.Learn more.

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