Harbert officials declined to disclose the contract price. But Seminole County real estate records confirm the 94%-leased, class B+ property at 1037 Alden Parkway was sold for $16.42 million, or about $51,978 per sf, to Chicago-based Executive Capital Corp. The entire deal took five months to complete.
After a lull in most of 2002, the multifamily investment market in the metro area continues to be "very hot" this year, Robert W. Miller, senior vice president in the local office of CB Richard Ellis Inc., tells GlobeSt.com. "A number of new properties have recently come on the market." Miller negotiated for the seller.
He anticipates rising interest rates "may have some affect on the prices people will pay" in the near future for properties but doesn't think the higher rates will slow down the investment interest substantially. "I would categorize the market now as stable with some growth expected," Miller says.
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