CBRE Brokers Largest Sale in Orlando History

A joint venture between GoldOller Real Estate Investments and The Family Office sold two assets and a total of 876 units located in the city’s Altamonte Springs submarket.
Timberlake

A partnership between GoldOller Real Estate Investments and The Family Office has sold two Orlando, Fla., communities totaling 876 units. CBRE Capital Markets arranged the deal, which represents the largest multifamily sale in the city’s history.

Timberlake and The Glades, completed in 1984 and 1986, are located in the Orlando’s Altamonte Springs submarket. Totaling more than 570,000 rentable square feet, Timberlake was 90 percent occupied at the time of sale, according to Yardi Matrix data. Spreading across a 63-acre site, the two-story property, located at 675 Jamestown Blvd., features one- and two-bedroom units in a total of 48 buildings. Amenities include three swimming pools, three spas, fitness center, clubhouse, tennis court, basketball court, media room, 1400 parking spaces and free Wi-Fi.

The Glades

Featuring one- and two-bedroom apartments, The Glades’ eight buildings were 96 percent occupied at the time of sale. The two- and three-story properties, located at 651 Glades Circle, spread across a 7-acre and comprise a total of 116,120 rentable square feet. Common-area amenities include fitness center, clubhouse, tennis court, swimming pool, spa, 300 parking spaces and free Wi-Fi.

CBRE Vice Chairman Shelton Granade, Senior Vice President Luke Wickham and Sales Assistant Justin Basquill represented the seller. This May, the CBRE team also brokered the sale of Art Avenue, a 300-unit gated community in Orlando, Fla., located at 10201 Lee Vista Blvd.

“With local employment and population gains among the best in the country, investors are increasingly realizing that Orlando is a high-priority acquisition target,” Shelton Granade, vice chairman at CBRE, said in prepared remarks.

Images courtesy of Yardi Matrix