(Read more on the multifamily market.)
ORLANDO-Due to the sluggish real estate market, Beverly Hills, CA-based RP Realty Partners has decided to lease units at the 177-unit Majestic at Downtown Baldwin Park instead of selling them. RP Realty acquired the property, along with the 182,000-sf Baldwin Park Village Center, late last year from Unicorp National Development Inc. with the intent of converting it into condominiums. The Majestic at Downtown Baldwin sits atop the ground-level village center.
The conversion is nearly complete, but the units will be rented at prices ranging from $952 for a junior one-bedroom unit with a balcony to $2,620 for a two-bedroom, two-bath unit with a wrap-around balcony overlooking Lake Baldwin. Units were to be sold for prices ranging from $179,000 to $700,000. Sales of the units were to begin later this fall.
RP Realty project manager Blythe Chambers says units will continue to be sold if there are interested buyers. "There are many who still want to buy here because of the unique urban lifestyle the Majestic offers," he says.
In the addition to the Majestic, RP Realty owns retail properties at the Plaza in Downtown Orlando and Uptown Altamonte in Altamonte Springs and owns several retail centers along International Drive in Orlando.
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