Learn more about some of the biggest Orlando apartment sales, and what they mean for local multifamily investors
Strong investor demand for Central Florida multifamily continues! Along with the impressive amount of new construction in housing and entertainment, we’ve also seen a number of major Orlando apartment sales in recent months.
Join us to dive into some of these recent multifamily sales, and then learn what they show about the strength of the Orlando multifamily market.
Texas-based S2 Capital recently paid just over $16.5 million to acquire Reserve at Lake Buchanan, a 151-unit apartment complex east of Mall at Millenia. This equates to around $109,291 per unit.
Originally built in 1970, the property features lakefront units and recreational lake access to all residents. 61 out of the 151 units have recently been remodeled.
Cortland, a multifamily-focused investment, development and management company, recently acquired the 338-unit Haven at Reunion apartments for $70.98 million, or $210,000 per unit.
These newly constructed apartments feature smart home technology including Amazon Echo Dots, a built-in speaker system, and voice-controlled thermostats, lights and fans. The property is still in lease-up at about 65% occupancy, and will be rebranded as the Cortland Reunion.
The Beverly Hills investment group, PRG Fund, recently bought its third apartment complex in the Waterford Lakes neighborhood of East Orlando.
The firm paid $77 million for the 400-unit Mirabella at Waterford apartment complex—working out to $192,500 per unit. This comes after investing an additional $94 million in recent years to acquire Rexford at Waterford Lakes and Victoria at Waterford Lakes, and brings their combined multifamily total in the area to 1,080 units.
What does this show about the Orlando multifamily market?
These recent Orlando apartment sales show the strength of the local multifamily market, driven by the abundance of job opportunities, income growth and low unemployment.
This strong economic growth isn’t just limited to the Orlando region. Elsewhere in Central Florida, the Space Coast continues to benefit from sustained investment—thanks to these developments and more. One example is in Melbourne, where the 100-unit Bridgewater Pointe apartment complex recently sold for $14.8 million, or $148,000 per unit.
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