Eagle Apartments Portfolio, which includes six multifamily properties with 1,24 units in Central Florida, has traded hands. Eagle Apartments Portfolio, which includes six multifamily properties with 1,24 units in Central Florida, has traded hands.

ORLANDO—Eagle Apartments Portfolio, which includes six multifamily properties with 1,24 units in Central Florida, has traded hands. The sales price is $63 million.

Marcus & Millichap’s Michael Donaldson and Nicholas Meoli, along with the IPA division’s Evan Kristol and Still Hunter III, represented the seller, a family partnership based in Daytona Beach, FL. The team also procured the buyer, a Miami-based private investor.

“The Eagle Apartments Portfolio offering was a rare opportunity to acquire a critical mass of units within some of the fastest-growing rental markets in Florida,” says Donaldson, a vice president investments in M&M’sTampa office. The six multifamily properties are located within a less than 30-minute drive from each other.

The multifamily assets in the portfolio are: Millennium Eagle, with 200 units in Orlando; Eagle Reserve, with 344 units in Orlando; Eagle Bay with 248 units in Daytona Beach; Eagle Oaks with 232 units in South Daytona; Eagle Park with 120 units in Daytona Beach; and Eagle Briar with 100 units in New Smyrna Beach, FL.

“As indicated by the 190 registered buyers that we generated from our national and international marketing campaign, it is evident that portfolio acquisitions are attractive to investors looking to capitalize on economies of scale,” says Meoli, a vice president in M&M’s Tampa office. The multifamily portfolio is 94% occupied.

In each metro area and the commute between Orlando and the Daytona Beach region is under one hour. Kristol, a senior vice president investments in M&M’s Fort Lauderdale office, says the the portfolio gives new ownership the ability to increase revenue on each property through either stabilization, continued strategic renovations or management efficiencies.

“Now is an excellent time to have acquired a substantial stake in the multifamily markets of Orlando and greater Daytona Beach as more than $5 billion in new development is taking place in those metros,” Kristol says. “The acquisition will increase the buyer’s multifamily portfolio to over 4,500 units and 30 apartment communities and expand their footprint in Central Florida.”

“Orlando continues to be one of the strongest multifamily markets in the country, consistently ranking in the top 10 this year for both rent and employment growth,” ARA Newmark associate Scott Ramey tells GlobeSt.com. “This stellar growth, combined with a limited amount of new product available, is creating a supply constrained market which is reflected by market-wide occupancy over 95%. These rock solid fundamentals are attracting new investors to our market on a daily basis and creating a frenzied investment environment, with recent sales that are achieving record pricing levels across all asset classes.”

Two luxury multifamily properties in Central Florida just traded for $71 million. Get all the details.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What’s driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.