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CBRE CLOSES $23.65 MILLION SALE OF ALTAMONTE SPRINGS APARTMENT COMMUNITY

CBRE CLOSES $23.65 MILLION SALE OF ALTAMONTE SPRINGS APARTMENT COMMUNITY

Orlando, FL – June 16, 2015 – (RealEstateRama) — CBRE Capital Markets arranged the sale of Lakeshore Apartment Homes, a 224-unit rental community in the Altamonte Springs area of Orlando. Located at 210 Altamonte Bay Circle, the lakeside property was acquired from a private equity group based in Denver by a Canadian investment firm for $23.65 million. CBRE’s Shelton Granade, Luke Wickham and Justin Basquill exclusively represented the seller in the transaction.

“Seminole County and Altamonte Springs are highly coveted by multifamily investors due to the excellent public schools and proximity to major professional employers,” said Mr. Granade, Executive Vice President of CBRE Capital Markets, Multifamily. “The Lakeshore sale was particularly competitive given its premier location on Lake Orienta, and the asset’s strong potential for increased net operating income long-term through modest property enhancements.”

Currently 97% occupied, Lakeshore is situated on the 142-acre recreational lake, Lake Orienta, just 15 minutes from downtown Orlando. Built in 1986, the community offers scenic water views and amenities that include two clubhouses, a fitness center, tennis court and a resort-style pool. The property is located within walking distance to a Publix Super Markets-anchored shopping center, the Altamonte Mall, Crane’s Roost Park and Florida Hospital Altamonte.

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.

Contact:
Elizabeth Cross
305.428.6373
elizabeth.cross (at) cbre (dot) com
Daniel Jimenez
407.839.3191
danieljimenez (at) cbre (dot) com

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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.

Contact:

Nadja Brandt
Corporate Communications, Pacific Southwest

+1 213 6133627