Miami Investor Goes for Engelwood Park Neighborhood
- Aug 20, 2015
Marcus & Millichap has arranged the sale of a 264-unit, lender-owned apartment community in Orlando’s Engelwood Park sub-market. The property, Royal Isles, is located at 803 Don Quixote Ave. near the 408 East-West Expressway and South Semoran Boulevard, one of the largest and most heavily traveled crossroads in Orlando . The community sold for $14.4 million.
The property includes 19 two-story buildings and one stand-alone structure that houses a leasing office. The two-story buildings are comprised of 80 one-bedroom one-bath units, 132 two-bedroom two-bath apartments and 52 three-bedroom two-bath units.
Evan P. Kristol, senior vice president of investments in Marcus & Millichap’s Fort Lauderdale office, and Still Hunter III, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, represented both parties in the transaction, the full identities of whom were not disclosed. The seller was a California-based private investor and the buyer was a Miami-based limited-liability company. According to Yardi Matrix, Latitude Management Real Estate Investors of Beverly Hills, Calif. was the previous owner, who acquired the underlying lien against the real estate owned property in February 2014 with a $14 million loan.
Photo credit: Yardi Matrix