Karlin Real Estate Purchases 304-Unit Community in Orlando

Karlin Real Estate buys a 304-unit community in Orlando; Marcus & Millichap brokers the sale of a nine-unit property for $3.4 million; and Chozick completes a $4.4 million sale of an 1970s apartment.

Oakwood Apartment Homes

Orlando, Fla.—Karlin Real Estate has purchased Oakwood Apartment Homes, a 304-unit community located in Orlando, Fla. The acquisition represents the fourth Karlin purchase in central Florida. McKinley advised Karlin on the transaction and will serve as the new property manager.

“McKinley has owned and operated apartment communities in this market since 1982, and we are excited about the opportunity this acquisition provides for our client,” says Kenneth Polsinelli, chief real estate officer at McKinley. “This transaction utilized the entire platform of McKinley’s real estate advisory services including asset selection and contract negotiation, physical condition and needs assessment, financial modeling as well as property management and leasing.”

Oakwood Apartment Homes is located on a landscaped campus between Universal Studios and the Mall at Millennia.

Marcus & Millichap sells nine-unit property for $3.4M

1559 Armacost Avenue

Los Angeles—Marcus & Millichap Real Estate Investment Services has sold a nine-unit property located at 1559 Armacost Avenue in Los Angeles. The sales price of $3.4 million represented $374,000 per unit.

Neema Ahadian, vice president of investments at Marcus & Millichap’s West Los Angeles office, had the exclusive listing to market the property on behalf of the seller, a private investor. The asset was built in 1989 and consists of two-bedroom/two-bathroom units.

Chozick completes $4.4M sale of 1970s apartment

Courtview

New London, Conn. — Tom Boyle and Ryan Perkoski of the Hartford based Chozick Realty Inc. have arranged the sale of Courtview Square Apartments, located in New London, Conn. for $4,400,000.

Courtview Square Apartments is a 96 unit apartment complex, built in 1970. This garden community is set on 2.3 acres, adjacent to the United States Coast Guard Academy and within a short walk to Connecticut College. With views of the Thames River from the top floor apartments, Courtview Square offers an attractive and convenient residential location.

Chozick Realty marketed the property on behalf of Broadway Innwood LLC which has owned Courtview Square since 2001. Chozick Realty also brokered the sale of this property previously. The buyer was Courtview Apartments LLC, a regional owner of multifamily properties.

The unit mix consists of 96 one bedroom apartments of 640 square feet with all utilities being resident paid. All apartments have either a balcony or patio that face into the landscaped center courtyard.

The original developer, who constructed approximately 10,000 apartment units in central and southeastern Connecticut during the early 1970s, designed Courtview Square to provide both a sense of community as well as privacy to the rental community. Recent improvements to the property prior to sale included new windows and landscaping within the past year and new decks and roofs within the past seven years.