Orlando, FL – July 7, 2015 – (RealEstateRama) — CBRE Capital Markets arranged the sale of Village Green, a 164-unit, 140,000-square-foot apartment community in the Altamonte Springs area of Orlando. Located at 112 Essex Avenue, the asset was acquired from Harbor Group International, LLC by Insula Companies for $12.6 million. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill provided exclusive representation to the seller in the transaction.
“Village Green’s high-demand and walkable location in Seminole County helped garner significant interest in this offering. With upgraded units in the submarket achieving rent premiums of $150 per month, Village Green is well positioned to benefit from an improving market and realize higher rents through property enhancements,” said Mr. Granade, Executive Vice President of CBRE Capital Markets, Multifamily.
Built in 1970, Village Green features two-story concrete block buildings with two pools, two clubhouses, and a fitness center in a highly desirable location in the Altamonte Springs area of the Orlando MSA. With an occupancy rate of 97% at closing, Village Green is within walking distance of a Publix-anchored community shopping center, Altamonte Mall, Crane’s Roost Park, and Florida Hospital Altamonte.
Granade and his Orlando-based multifamily team have executed more than $2 billion in apartment transactions in Central Florida from 2013 to date.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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