Marcus & Millichap Brokers Sale of New FL Asset
- May 23, 2018
After recently arranging the sale of two communities in Sarasota, Fla., Marcus & Millichap has facilitated the transaction of The Alexander at Sabal Point, a new 286-unit multifamily property in Longwood, Fla. Casey Babb, first vice president of investments in Marcus & Millichap’ s Tampa office, acted on behalf of the buyer—a high net-worth family executing on a 1031 exchange. Alexander Investments International was the seller and represented itself through President & CEO Kyle Riva.
Located at 2700 Sabal Alexander Circle in the Sabal Point community, the property is less than three miles from Interstate 4, providing easy access to both downtown Orlando, which is within a 30-minute drive, and Daytona Beach. Potential employers in the area include Keiser University, Faro Technologies Inc., Consulate Management Co. and Florida Hospital. The 2018-built asset comprises seven buildings that spread across 27 acres of land. The Alexander at Sabal Point features a mix of one-, two- and three-bedroom units. Amenities include:
- swimming pool with cabanas and fire pit
- 24-hour fitness center
- pet park and spa
- outdoor gaming courtyards
- covered parking
“Orlando is one of the top-performing markets in the country in terms of job creation and this asset was built in a high-barrier suburban submarket on a former golf course, which provides a nice low-density feel. The property was approximately 52 percent leased and about 37 percent occupied at closing, but absorption is currently better than one lease per day on average so clearly, the community is being well received,” Babb said, in prepared remarks.
Image courtesy of Marcus & Millichap
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