Marcus & Millichap Closes Orlando Community Sale
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The Focus Group sold the 352-unit community for $25 million to Blue Roc Premier Properties.
Orlando—Marcus & Millichap recently announced the sale of The Palms at Magnolia Grove Apartments, a 352-unit multifamily community in Fern Park, Fla. Francesco Carriera and Michael Regan, senior managing directors of investments in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer. San Diego, Calif.-based The Focus Group sold the community for $25 million, or more than $71,000 per unit, to local firm Blue Roc Premier Properties, according to Yardi Matrix. Blue Roc has rebranded the communtiy as The Park at Rialto II.
The community apartment is located at 2174 Sharp Court in Fern Park, Fla., on a 19-acre lot, just minutes from Rollins College, Florida Hospital Orlando, the University of Central Florida and Walt Disney World.
The Park at Rialto II includes a dog park, sport court, business center, fitness center, picnic area, clubhouse and a pool. The interiors feature upgraded kitchens, walk-in closets and washers and dryers. All the apartments consist of ceiling fans, central heating, air-conditioning, stainless steel appliances and a private patio or balcony.
“Multifamily assets of this vintage in the Casselberry/Winter Springs/Oviedo rental submarket experienced 13.4 percent year-over-year rent growth and two-bedroom units did even better with nearly 15 percent year-over-year rent growth,” Regan said in a statement.
Image courtesy of Marcus & Millichap