ORLANDO, FLA. — CBRE Capital Markets has represented the undisclosed owner-operator seller in the $150 million sale of a 1,024-unit multifamily portfolio in Orlando. The buyer was Addison, Texas-based Atlas Residential.
The portfolio, according to CBRE, represents the largest apartment complex sale in the metropolitan Orlando area in 2014 to date.
The properties included in the sale were Crowntree Lakes, located at 5759 Crowntree Lane, and Alexandria Parc Vue, located at 10649 Bastille Lane.
“This transaction serves as a testament to the desirability of the Central Florida market, and to the viability of the multifamily sector here,” says Shelton Granade, executive vice president of CBRE Capital Markets, Multifamily. “Rent growth is continuing to beat the expectations of property owners and managers. Rents in Orlando are forecasted to increase 3.5 percent to 4 percent each year for the next five years, and average occupancy should hold very strong in the 94 percent to 95 percent range.”
The 352-unit Crowntree Lakes community is located between East Orlando’s two largest employment centers, Medical City at Lake Nona and the University of Central Florida.
The property features a resort-style pool and sundeck; Wi-Fi in resident common areas; 24-hour fitness center; stadium-seating theater room; billiards room; summer kitchen with grills; lakeside walking trail; car care center; children’s playground; dog park and gated entrance.
The Alexandria Parc Vue community is located less than one mile from Walt Disney World, which is the largest single-site employer in the country.
The 672-unit property includes four resort-style pools and sundecks; a business center; two 24-hour fitness centers; a Wi-Fi-equipped clubhouse; outdoor grill; car care center; children’s playground; game room with flat-screen televisions and two tennis courts.
CBRE’s Granade, Robert Given, Luke Wickham and Justin Basquill exclusively represented the seller in the sale.
Atlas Residential is the re-branded platform of the multifamily residential manager/owner Alliance Holdings. Its senior team has operated a portfolio of nearly 70,000 units since 1996.
CBRE Group Inc. is a commercial real estate services and investment firm with approximately 44,000 employees, and serves real estate owners, investors and occupiers through approximately 350 offices worldwide.
— Scott Reid