Sale represents Central Florida’s largest multifamily transaction in 2015
Orlando, FL – April 10, 2015 – (RealEstateRama) — CBRE Capital Markets arranged the sale of the Central Florida Portfolio, four apartment properties totaling 1,075 units. The portfolio includes Heritage on Millenia, Summit at Metrowest, Legends at ChampionsGate, in Orlando; and Vinings at Hunter’s Green, in Tampa. The portfolio was acquired by affiliates of Dallas and New York-based The Milestone Group, LLC and Milestone Apartments Real Estate Investment Trust and represents the largest apartment transaction in Central Florida in 2015 thus far.
“This market-leading transaction serves as a testament to the high demand for well-located multifamily assets in greater Orlando and Tampa,” said Shelton Granade, Executive Vice President of CBRE Capital Markets, Multifamily. “This portfolio presented investors with the opportunity to immediately expand their footprint in the region in a meaningful way, and to place a large amount of capital across four locations with great synergies and upside.”
MPF Research forecasts that greater Central Florida will add over 250,000 jobs by 2018, and that average market rents will increase as much as 4 to 5% in each of the next three years. Those gains bode well for owners of assets like the ones in this portfolio.
Heritage on Millenia, completed in 2005, offers 303 rental units. Summit at Metrowest was completed in 1991 and has 280 units. Legends at ChampionsGate was completed in 2001 and has 252 units. Vinings at Hunter’s Green was completed in 1995 and has 240 units. Each of these gated communities offers a host of amenities, including resort-style pools, fitness centers, private garages, and large clubhouses. All of the properties present new ownership with the opportunity to increase rents through modest value-add upgrades.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill exclusively represented the seller in the transaction, and have closed approximately $1.8 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.
elizabeth.cross (at) cbre (dot) com
daniel.jimenez (at) cbre (dot) com