CBRE Brokers $65M Sale of Orlando Luxury Asset
- May 21, 2018
CBRE has facilitated the sale of Alexan Crossroads, a 314-unit luxury community in Orlando, Fla. Harbor Group International purchased the asset for $64.5 million. CBRE’s Shelton Granade, Luke Wickham and Justin Basquill arranged the transaction on behalf of Trammell Crow Residential, the developer and original owner of the 2016-built property. In another recent deal, the same team brokered the sale of Art Avenue, a 300-unit gated community in the same metro.
Located at 7261 Crossroads Garden Drive, Alexan Crossroads is close to resorts and spas, one of them being Walt Disney World Resort, which is within a seven-minute drive. Accessible through Interstate 4, downtown Orlando is only 17 miles away. According to Yardi Matrix data, the asset features 181 one-, 117 two- and 16 three-bedroom units, ranging in size between 634 and 1,329 square feet. Amenities include a fitness and business center, two-story clubhouse, swimming pool and 356 grade-level parking spaces. At the time of the transaction, the community had a 90.1 percent occupancy rate.
“Alexan Crossroads has some of the best features of any multifamily asset in the region. Its strong lease-up is a testament to the desirability of the property and the location. New ownership is well-positioned for meaningful rent growth moving forward,” said Granade, in a prepared statement.
Image courtesy of CBRE
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