21 Oct Orlando apartment portfolio sells for $150M
A Texas apartment owner and manager spent $150 million, or about $146,500 per unit, to buy a portfolio that includes two Orlando complexes totaling 1,024 units.
Addison, Texas-based Atlas Residential USA bought the 352-unit Crowntree Lakes apartments in the Lee Vista area and the 672-unit Alexandria Parc Vue at Lake Buena Vista apartments near Walt Disney World, said a news release. Shelton Granade, Robert Given, Luke Wickham, and Justin Basquill of CBRE Inc. represented the seller of the two properties, Chicago-based Equity Residential (NYSE: ERQ).
The sales price was one of the highest dollar values paid for an apartment sale in the area so far this year.
“This market-leading transaction serves as a testament to the desirability of the Central Florida market, and to the viability of the multifamily sector here,” Granade said in a prepared statement. “Rent growth is continuing to beat the expectations of property owners and managers. Rents in Orlando are forecasted to increase 3.5-4 percent each year for the next five years, and average occupancy should hold very strong in the 94-95 percent range.”
Here’s more details on the two sales, which closed on Sept. 30 and recorded to Orange County records on Oct. 24:
- Atlas Alexander Park Vue LLC spent $95.1 million, or $141,518 per unit, to buy Alexandria Parc Vue at Lake Buena Vista from City National Bank of Florida, which was the property trustee, records showed.
- Atlas Crowntree Lakes LLC bought the Crowntree Lakes apartments for $56.3 million, or $159,913 per unit, from Crowntree Lee Vista LLC, an entity related to Equity Residential.