Orlando’s Bala Sands Apartments Community Changes Hands
- Dec 20, 2013
Cushman & Wakefield of Florida recently announced the sale of Bala Sands Apartments in Orlando, Fla.
The Carroll Organization acquired the 298-unit Class A property, while the seller’s identity has not been made public. The latter was represented by C&W’s Multifamily Advisory Services team of Senior Director Jay Ballard, Associate Director Ken Delvillar and Associate Lindsey Pfaender. The transaction was worth $36.3 million, in other words $121,812 per unit or $111 per square foot, as Bala Sands incorporates a total of 326,918 square feet of living space.
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm representing clients on all aspects of property occupancy and investment. With 253 offices in 60 countries and nearly 15,000 employees it has more than $4 billion in assets under management globally.
The Carroll Organization announced its plans to complete minor upgrades to the units and amenities and rebrand the community as ARIUM Bala Sands, accommodating it in its extensive ARIUM family that is already present in Orlando with two properties, the 300-unit ARIUM Falcon Pines and the 526-unit ARIUM Barber Park. Carroll’s Florida portfolio now includes 11 properties, nine of which are part of the ARIUM brand.
“The Carroll Organization was able to complete the purchase of Bala Sands at a volatile time within the debt markets,” says Ballard. “The asset will be a strong addition the Carroll Organization’s portfolio as it continues its expansion throughout the Southeast.”
Photo credits: Carroll Organization