Amzak Capital Management and the Focus Group have sold a 1,011-unit, five-property multifamily portfolio for $101.3 million.
The privately-held real estate investment and management firm, DASMEN Residential acquired the properties, located in Orlando, FL and Tampa, FL.
Cushman & Wakefield arranged the sale and the firm's Mike Donaldson and Nick Meoli represented the sellers.
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The sellers recently invested $9 million in capital expenditures, renovating half of the portfolio's units.
"The portfolio offered a rare opportunity to acquire a critical mass of five value-add communities in the I-4 corridor," says Donaldson. "There was significant upside to further renovate the communities and fully stabilize the assets with a potential to add $3 million to the effective gross income once fully implemented."
"Out-of-state investors are attracted to the explosive growth taking place in central Florida in almost all fundamental categories," says Meoli. "One-off offerings in Florida generate a lot of interest but selling a portfolio boosted the buyer pool as many investors are looking to enter the Florida market, making the scale even more attractive."
DASMEN Residential entered the Florida market last year with the purchase of an Orlando apartment community.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
