Orlando, FL – May 19, 2015 – (RealEstateRama) — CBRE Capital Markets arranged the sale of Laguna Oaks, a 360-unit gated community in Orlando, Florida. Located at 3211 S. Semoran Blvd., the lakeside property was acquired from Ram Realty Services by Avesta Communities for $29.15 million. CBRE’s Shelton Granade, Luke Wickham and Justin Basquill exclusively represented the seller in the transaction.
“The Laguna Oaks sale was very competitively bid and speaks to the demand for infill, value-add offerings in Orlando,” said Mr. Granade, Executive Vice President of CBRE Capital Markets, Multifamily. “This asset has tremendous visibility and a unique location on the lake, and new ownership can realize increased returns through comprehensive interior renovations and amenity improvements.”
According to CBRE Research, average apartment rents in Orlando will climb nearly 22% over the next few years. The East Orlando submarket, where this property is located, is expected to be one of the strongest in Orlando, and is projected to see average occupancy of 95.4%.
Currently 94% occupied, Laguna Oaks is situated on the 64-acre recreational lake, Lake Fredrica, just 10 minutes from downtown Orlando. Residents are drawn to the community’s scenic water views and amenities. Built in 1973, substantially reconstructed in 1997 and partially renovated in 2013, amenities include onsite boat ramp and boat slips; two pools, including one at lakeside; a summer kitchen; expansive clubhouse; large community room; fitness center; and covered parking. Orlando International Airport, the downtown Central Business District, and the emerging Lake Nona Medical City are all within 10 minutes.
Mr. Granade, Mr. Wickham and Mr. Basquill have closed approximately $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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