Exurban Orlando Apartments Sell for $14M
- Dec 23, 2014
Deland, Fla.–Madison Carrington Place, an apartment property about 30 miles north of Orlando in Deland, Fla., has traded hands. Equus Capital Partners Ltd. sold the 224-unit property to Bluerock Partners for $14.3 million.
The garden-style apartment complex was originally built in 1987 and offers a mix of one- and two-bedroom units with individual patios or balconies and washer and dryer connections. Common amenities include a clubhouse, pool, fitness center, tennis and volleyball courts and playground.
In 2006, Equus acquired Madison Carrington Place subject to existing tax-exempt bonds which were redeemed prior to the sale to Bluerock. The seller in the deal was represented by Luke Wickham and Sheldon Granade of CBRE.
The greater Orlando apartment market is quite strong these days, according to investment specialist Marcus & Millichap. Demand continues to drive local vacancies lower, even as developers push projects through to provide residences for the expanding renter population. Through the first three quarters this year, growing payrolls spawned the creation of hundreds of new households, leaving several apartment submarkets operating at virtually full occupancy, the company’s fourth quarter 2014 report on the market notes.
That dynamic is driving down vacancy and driving up rents. The influx of new rental households sliced vacancy by 60 basis points in 2014 to 4.4 percent, compared with a 40-basis point decrease in 2013. Propped up by the delivery of new luxury rentals, the average rent in the metro area is on track to rise 4.5 percent this year, to $955 per month, according to Marcus & Millichap.