Atlas Residential Picks Up Two Orlando Communities for $150M
- Oct 24, 2014
Alexandria Parc Vue and Crowntree Lakes, two apartment communities in Orlando, Florida recently changed hands. Atlas Residential acquired the portfolio.
CBRE Capital Markets represented the seller, a large national owner-operator. Shelton Granade, Robert Given, Luke Wickham and Justin Basquill spoke for the company in the $150 million sale of the 1,024 units. This transaction represents Orlando’s largest apartment complex sale in 2014 and he team has closed more than $1.4 billion in apartment sales in Central Florida since last year.
Granade considers this transaction a testament to the desirability and the viability of the local multifamily market.
“Rent growth is continuing to beat the expectations of property owners and managers,” he says. “Rents in Orlando are forecasted to increase 3.5 percent to 4 percent each year for the next five years, and average occupancy should hold very strong in the 94 percent to 95 percent range.”
Located at 10649 Bastille Lane, the 672-unit Alexandria Parc Vue complex is less than one mile away from Florida’s largest single-site employer, Walt Disney World. Its apartments offer walk-in closets, washer/dryers, 9-foot to 10-foot ceilings and breakfast bars. The property also includes common space amenities such as four resort-style pools and sundecks, a state of the art business center with wireless internet connection, two 24-hour fitness centers, a spacious Wi-Fi clubhouse, outdoor grill, a car care center, children’s playground, game room with flat-screen televisions and two tennis courts.
Crowntree Lakes is located at 5759 Crowntree Lane and it is conveniently situated between Medical City at Lake Nona and the University of Central Florida, the two largest employment centers in East Orlando. The 352-units offer interior amenities like granite countertops, GE appliances, walk-in closets, washer/dryers, 9-foot to 10-foot ceilings and garden soaking tubs. The property also features a resort-style pool and sundeck, Wi-Fi access in resident common areas, a 24-hour fitness center, stadium-seating theatre room, billiards room, summer kitchen with grills, lakeside walking trail, car care center, children’s playground, dog park and gated entrance.
Photo credits: Atlas Residential