250 recently renovated units are across from gated Spring Valley neighborhood
Orlando, FL – November 5, 2014 – (RealEstateRama) — CBRE arranged the sale of a 250-unit rental community in Altamonte Springs, FL, across from the multi-million dollar homes in the gated neighborhood of Spring Valley. Ashley at Spring Valley, located at 693 Wymore Road, was acquired from RW Ashley, LLC of New York and Strategic Properties of North America by Robbins Property Associates for $18.3 million.
“The Seminole County and Altamonte Springs submarkets of Orlando have dynamic growth trends, and the proximity to key employers and shopping and dining destinations is compelling to multifamily investors,” said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily. “There are terrific demand drivers near Ashley at Spring Valley and new ownership should be able to benefit from rent growth as they continue to upgrade the property.”
Built in 1974 and renovated in 2013, Ashley at Spring Valley features two- and three-story apartment buildings with amenities that include a large clubhouse, two pools, a fitness center, tennis courts, and a playground. Of the community’s 250 units, 234 were recently enhanced with stainless steel appliances, granite countertops, ceramic tile flooring, and new cabinetry. The property was 94 percent occupied at closing.
Easily accessible from Interstate 4 and State Road 436, the property’s high-demand Altamonte Springs location is just minutes from such shopping, dining, and employment centers as Uptown Altamonte, Crane’s Roost Park, the Altamonte Mall, Florida Hospital Altamonte, and the Maitland Center Office Park.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill exclusively represented the seller in the transaction, and have closed more than $1.4 billion in apartment sales in Central Florida since 2013 to date.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.