CBRE SELLS THREE APARTMENT COMMUNITIES IN CENTRAL FLORIDA FOR $62 MILLION
Orlando, FL – August 6, 2014 – (RealEstateRama) — CBRE arranged the sale of the Villages Portfolio, three apartment properties totaling 710 units in Central Florida. The portfolio includes Village at East Lake, in Clermont; Village at Lake Ned, in Winter Haven; and Village at Park Road, in Plant City. Philadelphia-based Equus Holdings acquired the properties from a partnership between Alex. Brown Realty of Baltimore, MD, and Oculus Development of Chicago for $62 million. CBRE exclusively represented the seller in the transaction, and also provided the financing for the buyer through Fannie Mae.
“The Villages are in strong path-of-growth locations in Central Florida,” said Shelton Granade of CBRE, “and are poised to take advantage of the region’s rapidly recovering multi-housing market. The portfolio generated significant interest, and the assets have great upside through modest property enhancements.”
MPF Research forecasts that greater Central Florida will add over 200,000 jobs by 2018, and that average market rents will increase as much as 4 to 5% in in each of the next three years. Those gains bode well for owners of assets like the ones in this portfolio.
Village at East Lake, completed in 2001, offers 250 rental units. Village at Lake Ned was completed in 2000 and has 212 units. Village at Park Road was completed in 2001 and has 248 units. Each of these gated communities offers a host of amenities, including private garages, a car care center, scenic lake views, a swimming pool, a large clubhouse, a business center, a fitness center, a full basketball court, tennis courts, sand volleyball, a playground, and picnic and barbecue areas. CBRE’s Granade led the sales effort working with Luke Wickham and Justin Basquill in Orlando along with John Selby and Sean Williams of CBRE’s Tampa office.
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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