Orlando Apartment Portfolio Sells for $150 Million

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In a transaction handled by CBRE Capital Markets, a 1,024-unit multifamily portfolio in Orlando was acquired this week by Atlas Residential for $150 million. This transaction represents the largest apartment complex sale in the metropolitan Orlando area in 2014.

The properties included in the transaction were:

• Alexandria Parc Vue, located at 10649 Bastille Lane, Orlando, FL.
• Crowntree Lakes, located at 5759 Crowntree Lane, Orlando, FL.

"This market-leading transaction serves as a testament to the desirability of the Central Florida market, and to the viability of the multifamily sector here. Rent growth is continuing to beat the expectations of property owners and managers," said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily. "Rents in Orlando are forecasted to increase 3.5% to 4% each year for the next five years, and average occupancy should hold very strong in the 94% to 95% range."

The 352-unit Crowntree Lakes community is conveniently located between East Orlando's two largest employment centers--Medical City at Lake Nona and the University of Central Florida.

The 672-unit Alexandria Parc Vue community is located less than one mile from Walt Disney World--the largest single-site employer in the country.