CBRE Facilitates Sale of Multi-Family Portfolio in Central Florida
- Apr 13, 2015
Acting on behalf of an unidentified seller, CBRE Capital Markets has orchestrated the largest apartment trade in Central Florida year to date with the disposition of the Central Florida Portfolio, a group of four multi-family assets encompassing 1,075 units in Orlando and Tampa. The Milestone Group L.L.C. and Milestone Apartments Real Estate Investment Trust snapped up the properties.
“The investment community was very enthusiastic about this portfolio,” Shelton Granade, executive vice president with CBRE Capital Markets, Multifamily, told Commercial Property Executive. Portfolios of this size in key Central Florida locations don’t hit the market every day.
With ages ranging from 10 to 24 years, the collection of properties includes the 303-unit Heritage on Millenia, the 280-unit Summit at Metrowest and the 252 unit Legends at Championsgate, all of which are located in Orlando. The remaining apartment community, Vinings at Hunter’s Green, features 240 units in Tampa.
“We’ve been able to generate strong interest from private equity and institutional capital on larger opportunities like this one. It enables some of the bigger players to place money really efficiently, and to benefit from the economies of scale across more units,” Granade noted.