Marcus & Millichap Leads Orlando Community Sale
The company worked on behalf of the seller, an Orlando-based private group, for the 80-unit property sale. The community was 97.5 percent occupied as of May.
By Adina Marcut
Marcus & Millichap has arranged the sale of Courtyard Villas, an 80-unit community located in Florida. The buyer, a Miami-based LLC, bought the property for $4.5 million.
Located at 3764 S. Rio Grande Ave., 4 miles southwest of Orlando, Courtyard Villas is in close proximity to Holden Heights and Rio Grande Terrace South neighborhoods. A various number of parks and recreation options such as Clear Lake Park, Cypress Grove Park, Lake Eola Park and Delaney Park are also nearby.
Built in 1971, the one-story building offers two-bedroom units, offering 545 square feet each. Common area amenities include a clubhouse, swimming pool, laundry facilities and 150 parking spaces. According to Yardi Matrix, the property was 97.5 percent occupied as of May.
Michael Donaldson and Nicholas Meoli, senior vice presidents of investments in the company’s Tampa office, together with Duane Anderson, investment specialist in Marcus & Millichap’s Orlando office, worked on behalf of the seller, an Orlando based private group.
“Having all two-bedroom units, a consistent high occupancy and room to raise rents through renovations in a metro that led the nation in job growth last year, it is no surprise that we closed on the property at full asking price,” Meoli said in a statement. “By broadly exposing the property through our proprietary marketing platform, we were able to generate 11 offers and ultimately sold the asset to an out-of-area buyer with this being their first acquisition in Orlando.”
Image courtesy of Yardi Matrix