ORLANDO—Alta at Eastmar Commons, a newly constructed, 312-unit gated multifamily property located at 10038 Vista Laguna Drive in the East Orlando submarket, has traded hands. The sale price: $56.45 million.

Salt Lake City-based M&C Properties, LLC, acquired the multifamily community. The multifamily asset sits on 16 acres and features 14 three-story apartment buildings, a two-story clubhouse, eight detached garage structures, and two maintenance buildings. CBRE's Granade, Luke Wickham, and Justin Basquill represented the seller, Wood Partners, in the transaction.

“The homeownership rate is still at a multi-decade low both nationally and in the Orlando MSA, which favors the rental market in general,” Granade, vice chairman, CBRE, tells GlobeSt.com. “Population in the MSA is expected to grow by 7.7% through 2021, providing a steady flow of potential new renters to the region while net migration trends also remain favorable.”