MIAMI—Lake Tivoli Apartments, a 384-unit multifamily property in Kissimmee, just south of Orlando, has traded hands. The sale price: $49.5 million.
CBRE facilitated the sale. CBRE's Shelton Granade, Luke Wickham, and Justin Basquill represented the seller, Lake Tivoli Apartments, LLC, in the transaction.
“Historically, some investors have viewed Kissimmee as a second tier or inferior location within the Orlando MSA,” Granade, vice chairman of CBRE Capital Markets, tells GlobeSt.com. “The Lake Tivoli sale serves as a testament to the area's increasing appeal as the submarket has experienced tremendous population and job growth. The sales price is similar to that of properties in more established areas of Orlando, which suggests that Kissimmee is on the rise.”
Chandler Residential acquired the multifamily property. Located at 851 Lake Tivoli Boulevard, the multifamily asset is minutes from Orlando theme parks, Florida Hospital Kissimmee, and the new “BRIDG” Advanced Manufacturing Research Center.
The multifamily community amenities include a lakeside sun deck, a pool, tennis, racquetball, and basketball courts, a clubhouse, fitness center, spa, and private garages. The multifamily community consists of 36 two-and three-story buildings. Lake Tivoli Apartments is 97% occupied.
“The Kissimmee area is quickly becoming one of the top emerging submarkets for investors seeking strong rent growth,” says Granade. “They've had impressive population gains, and the expansion of the medical and research sectors bode well for wage growth. This is a great value-add asset, and new ownership has the tremendous opportunity to realize improved NOI through interior upgrades and modest amenity enhancements.”
Advenir recently cashes out of multifamily in a $47 million trade. Passco also recently made a big grab in fast-growth multifamily market.
MIAMI—Lake Tivoli Apartments, a 384-unit multifamily property in Kissimmee, just south of Orlando, has traded hands. The sale price: $49.5 million.
CBRE facilitated the sale. CBRE's Shelton Granade, Luke Wickham, and Justin Basquill represented the seller, Lake Tivoli Apartments, LLC, in the transaction.
“Historically, some investors have viewed Kissimmee as a second tier or inferior location within the Orlando MSA,” Granade, vice chairman of CBRE Capital Markets, tells GlobeSt.com. “The Lake Tivoli sale serves as a testament to the area's increasing appeal as the submarket has experienced tremendous population and job growth. The sales price is similar to that of properties in more established areas of Orlando, which suggests that Kissimmee is on the rise.”
Chandler Residential acquired the multifamily property. Located at 851 Lake Tivoli Boulevard, the multifamily asset is minutes from Orlando theme parks, Florida Hospital Kissimmee, and the new “BRIDG” Advanced Manufacturing Research Center.
The multifamily community amenities include a lakeside sun deck, a pool, tennis, racquetball, and basketball courts, a clubhouse, fitness center, spa, and private garages. The multifamily community consists of 36 two-and three-story buildings. Lake Tivoli Apartments is 97% occupied.
“The Kissimmee area is quickly becoming one of the top emerging submarkets for investors seeking strong rent growth,” says Granade. “They've had impressive population gains, and the expansion of the medical and research sectors bode well for wage growth. This is a great value-add asset, and new ownership has the tremendous opportunity to realize improved NOI through interior upgrades and modest amenity enhancements.”
Advenir recently cashes out of multifamily in a $47 million trade. Passco also recently made a big grab in fast-growth multifamily market.
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