Orlando, FL – June 16, 2015 – (RealEstateRama) — CBRE Capital Markets arranged the sale of Marbella Lakes, a 200-unit apartment community in Orlando, Florida. The gated community, located at 1980 Lake Fountain Drive, was acquired from IMT Residential by Blue Rock Partners for $12.75 million. CBRE’s Shelton Granade, Luke Wickham and Justin Basquill exclusively represented the seller in the transaction.
“The South Orlando submarket is experiencing a strong growth trend, and the convenient location near top employers, shopping and dining destinations is attractive to multifamily investors,” said Mr. Granade, Executive Vice President of CBRE Capital Markets, Multifamily. “Marbella Lakes is a prime candidate to add value through minor property upgrades to the unit interiors and amenities.”
Marbella Lakes was built in 1985, and has a current occupancy of 95%. The property is conveniently located near the exclusive Mall at Millenia and just 10 minutes from downtown Orlando’s Central Business District. Community amenities include a fitness center, laundry facility, large clubhouse, resort-style swimming pool and water views.
Mr. Granade, Mr. Wickham and Mr. Basquill have closed more than $2.0 billion in multifamily sales 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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