Multifamily Stories in Central Florida

Blue Rock eyes apartment buys

Tuesday, August 31st, 2010

ORLANDO - Blue Rock Partners LLC is on its way to doubling its Orlando-area holdings to 2,014 apartment units with its Aug. 20 acquisition of the 168-unit Woodbridge Apartments at 7745 Brandywood Circle in Winter Park, plus two more complexes under contract totaling another 798 units slated to close in September and October.

CBRE closes $40M in apartment sales

Wednesday, August 25th, 2010

ORLANDO - CB Richard Ellis announced the sale of two more multi-housing communities in Orlando over the last two weeks - the company's 10th and 11th apartment closings locally in 2010.

The two most recent sales, Esplanade and Heathbrook, occurred in separate transactions to different buyers and sold for more than $40 million.

Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the sellers on both assignments.

Melrose-Sovereign to manage Copley Square Townhomes

Tuesday, August 17th, 2010

ORLANDO - Melrose Sovereign Companies has been awarded a contract to manage Copley Square, the upscale townhome community located on East Michigan Street in Orlando’s Sodo district.

Jack Hanson, LCAM, and Ellen Lumpkin, LCAM, co-founders and principals at Melrose-Sovereign Companies, said Copley Square includes 17 three-story unique brownstone and Victorian townhomes.

Headquartered in Orlando, Melrose-Sovereign Companies has eight offices throughout the state.

Marcus & Millichap sells Golden Abbey ALF

Monday, August 9th, 2010

PORT ORANGE - Marcus & Millichap Real Estate Investment Services announced the sale of Golden Abbey Assisted Living Facility, a 28,000sf seniors housing property in Port Orange. The asset commanded a sales price of $1,200,000.

CBRE closes two new multifamily sales

Thursday, July 22nd, 2010

ORLANDO - CB Richard Ellis announced the sale of two more multihousing communities in Orlando - bringing the total to nine in 2010.

The two most recent sales occurred in separate transactions to different buyers. The properties are Silver Oaks and the Residences at Sabal Point. Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the sellers on both assignments.
 

M&M marks sale of Laurel Oaks

Thursday, July 8th, 2010

DELAND - Marcus & Millichap Real Estate Investment Services announced the sale of Laurel Oaks, a 56-unit apartment community in DeLand. The asset commanded a sales price of $1,650,000 and closed in one week.

Michael Donaldson, an investment specialist in Marcus & Millichap's Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller, a limited liability company.

The buyer, a regionally based private investor, was represented by Tommy Grim of RE/MAX Assured.

Avalon Park Group to build 80,000sf ALF

Friday, June 11th, 2010

ORLANDO - Avalon Park Group has awarded Winter Park Construction a contract worth an estimated $8.7 million to build the 80,000sf Assisted Living and Memory Care Facility on Tanja King Parkway and Avalon West Boulevard near downtown Avalon Park.

Ross Halle, town planner and architect at Avalon Park Group, said construction is expected to start in November. The Avalon Park Assisted Living and Memory Care facility is slated to open in late 2011.

Fisher Auction, C&W close $25.9M bulk sale

Tuesday, May 25th, 2010

ORLANDO - Fisher Auction Company and Cushman & Wakefield announced the May 17 closing of a bulk sale condominium auction for 165 units at The Vue at Lake Eola for $25.9 million.

The entire portfolio of 165 units within the 375-unit development, along with a roughly 8,000sf retail space, was offered as a bulk-buy auction to the highest bidder. It was ultimately acquired by a foreign investor.

Trends point to gradual Orlando apartment recovery

Monday, May 24th, 2010
By: 

Marcus & Millichap

Operating conditions remain soft in the Orlando apartment sector, with vacancy rising and rents falling in 1Q10. Some positive trends have started to appear, although some impediments may clutter the path to a quick and uncomplicated recovery in property fundamentals.

CBRE closes three multifamily sales

Monday, May 24th, 2010

ORLANDO - CB Richard Ellis announced the sale of three more multihousing communities in Orlando over a three-week period. The three properties sold in separate transactions to different buyers and cumulatively consisted of approximately 660 units (300 units in Winter Park, 140 units in Sanford, and 219 units in Orlando). Shelton Granade and Luke Wickham of CBRE’s Central Florida Multi-Housing Group exclusively represented the sellers on all three assignments.

The properties sold range from a stabilized, value-add deal built in the late 1960s to a note sale on a fractured condo community.