“Alta at Eastmar Commons is a community with distinctive features that have contributed to the property's strong traffic statistics and consistent, robust leasing activity,” says Granade. “This asset is a great investment in a market with extremely robust apartment fundamentals and the nation's highest job growth. The property is well-positioned for rent gains now that it's stabilized.”

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.”

Built in 2017, the property was 95% occupied at the point of sale. Amenities include a tech lounge with coffee bar, sports lounge with billiards room, tech center with computer workstations, conference room, state-of-the-art fitness center, separate cycle room and yoga studio, pet park and pet spa.

“Alta at Eastmar Commons is a community with distinctive features that have contributed to the property's strong traffic statistics and consistent, robust leasing activity,” says Granade. “This asset is a great investment in a market with extremely robust apartment fundamentals and the nation's highest job growth. The property is well-positioned for rent gains now that it's stabilized.”