One of Year’s Largest Transactions Shows Multifamily/Rental Market Strength
Orlando, FL – October 15, 2014 – (RealEstateRama) — CBRE arranged the sale of a 596-unit luxury apartment community in Winter Park, FL that represents one of the largest apartment complex sales in Greater Orlando thus far in 2014. Sun Key Apartment Homes at 7502 Sun Key Boulevard was acquired by BC Property Investments for $57.7 million.
The seller was a controlled affiliate of Starwood Capital Group, a leading global private investment firm that purchased the property in September 2010. Since its inception in 1991, Starwood Capital Group has acquired $55 billion of real estate assets, including 71,000 multifamily units worldwide and approximately 4,000 in the Orlando metropolitan area alone.
“As one of the year’s largest such transactions in Orlando, this acquisition exemplifies the strength of Central Florida’s multifamily market. Rents are on the upswing in this high-barrier-to-entry location, and this desirable entry point property is likely to generate additional returns through modest property enhancements and further market improvement,” said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily.
With more than $12 million in capital upgrades in recent years, this “best-in-class” asset was built in 1987, and was 94 percent occupied at closing. Interior amenities include stainless appliances with flat-surface stoves, washer/dryers, and new light fixtures, ceiling fans and kitchen and bathroom cabinetry.
Located 15 minutes from downtown Orlando and just a few minutes from upscale shopping and dining in Winter Park’s “Rodeo Drive,” the Park Avenue district, the community includes two large pools with new pavers; a state-of-the-art Wi-Fi business center; an 1,800-square-foot fitness center with all new equipment; a fully renovated clubhouse; new property gates; a new fire pit and spa; and an impressive game room with flat-screen TVs, video game stations, air hockey, and foosball and pool tables.
Shelton Granade, Luke Wickham, and Justin Basquill exclusively represented the seller in the transaction, and have closed more than $1.1 billion in apartment sales in Central Florida in 2013/2014 year 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.
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