CBRE Closes $31M Deal near Orlando

Michaelson Group purchased the recently renovated, 312-unit Charter Pointe from Insula Properties.
Charter Pointe

Charter Pointe

Altamonte Springs, Fla.—CBRE has recently arranged the sale of Charter Pointe, a 312-unit community near Orlando, in Altamonte Springs, Fla. Jacksonville-based Michaelson Group acquired the asset for $31 million. Sarasota-based Insula Properties was the seller, represented by CBRE’s Shelton Granade, Luke Wickham and Justin Basquill.

Located at 919 Ballard St., close to Eastmonte Park, Charter Pointe sits on more than 19 acres and encompasses 23 two-story buildings with studio apartments and one- and two-bedroom residences. Built in 1973, the community has been recently refurbished with an exterior paint job, exterior railings and stairways, new signage and new roofs. Additionally, the property features a renovated clubhouse, fitness center, two swimming pools, an outdoor kitchen and 625 parking spaces. According to Yardi Matrix, as of December 2016 the property was 98.4 percent occupied, and average monthly rents were $889.

“Investors were drawn to the desirable location in Altamonte Springs near the Maitland Center Office Park, Uptown Altamonte, and within walking distance to a new SunRail commuter rail station,” Granade, vice chairman of CBRE Capital Markets, said in prepared remarks.

Photo courtesy of Yardi Matrix