Marcus & Millichap Seals $29M Luxury Deal in Florida
- Oct 24, 2016
Orlando—Marcus & Millichap’s Institutional Property Advisors (IPA) division has recently closed the sale of a 212-unit luxury multifamily property located in Winter Park, Fla. Calibre Bend Apartments was sold by UBS Realty Investors to Insula Properties for $29 million, which equates to $137,000 per unit.
IPA’s northeast executive directors Steve Witten and Victor Nolletti, along with Frank Carriera and Michael Regan, first vice presidents of investments, facilitated the transaction.
Located at 3924 Calibre Bend Lane, the property comprises 18 buildings featuring one- and two-bedroom units, according to Yardi Matrix data. The apartments range in size from 773 to 1,106 square feet and rent prices vary between $1,185 and $1,668 per unit. Apartment amenities offer individual ground-floor entrances, full-size washers and dryers, built-in bookcases and private, screened patios or balconies. Built in 1987, Calibre Bend Apartments also has an extensive list of community amenities that includes a designer-decorated clubhouse, a leasing center, business center, a resort-style swimming pool, a lighted tennis court, a fitness center, laundry facilities and a car wash station. Additionally, there are 425 parking spaces available for residents.
The pet-friendly community is conveniently situated on the south side of University Boulevard in one of Orange County’s highest demand rental locations and in close proximity to downtown Winter Park, downtown Orlando, the University of Central Florida and Central Florida Research Park. In addition, Full Sail University, Winter Park’s largest employer is located within walking distance. Also situated nearby is the Park Avenue district, a popular retail and shopping destination in Orlando.
“The price per unit for this vintage asset can be attributed to the Orlando market’s strong fundamentals and the broad reach of IPA Northeast & Florida,” said Regan in prepared remarks. “The acquisition provides new ownership with an immediate opportunity to add value to a ‘best-in-class’ asset in the submarket by implementing light interior upgrades,” added Carriera.
Image courtesy of Yardi Matrix