JV BUYS TWO MULTIFAMILY PROPERTIES FOR $37.9M

CASSELBERRY AND PORT ORANGE, FLA. — A joint venture between GoldOller Real Estate and a New York-based private investment firm has purchased a two-property multifamily portfolio totaling 632 units for $37.9 million. The properties include the 336-unit Reflections Apartments, located at 100 Reflections Cir. in Casselberry, and the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield's Orlando, Fla., office represented Denver-based Apartment Investment and Management Co., the seller, in the transaction. The buyer has plans to complete capital improvements, including upgraded fitness centers, redesigned clubhouses and the addition of a business center.