Central Florida Multifamily Winning Investor Attention
By Jennifer LeClaire via Globe St
ORLANDO—The Villages Portfolio, three multifamily properties with 710 units in Central Florida—has traded for $62 million. Philadelphia-based Equus Holdings grabbed the multifamily assets from a partnership between Alex Brown Realty of Baltimore and Oculus Development of Chicago.
The multifamily portfolio includes Village at East Lake, in Clermont, Village at Lake Ned in Winter Haven, and Village at Park Road in Plant City. CBRE represented the seller, and also provided the financing for the buyer through Fannie Mae.
“The Villages are in strong path-of-growth locations in Central Florida, and are poised to take advantage of the region’s rapidly recovering multi-housing market,” says Shelton Granade of CBRE. “The portfolio generated significant interest, and the assets have great upside through modest property enhancements.”
The timing seems right for Central Florida multifamily investors. MPF Research forecasts that greater Central Florida will add over 200,000 jobs by 2018—and that average market rents will rise as much as 4% to 5% in each of the next three years. Those stats make Central Florida multifamily a good bet in the eyes of investors.
Contact NAI’s Sean Dreznin and the Multi-Family Advisors team to discuss your options.