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ORLANDO-Little known outside the industry, Alpharetta, GA-based Engler Financial Group LLC has closed its third major multifamily sale in metro Orlando in the last three weeks with the disposition of the 10-year-old, 336-unit Bermuda Dunes for $63.75 million.

An affiliate of Chicago converter American Invsco paid Boston-based TA Associates $189,732 per unit for the 15-building, 28-acre property five miles from Orlando Universal attractions. Greg Engler, president, Engler Financial, negotiated the deal for TA Associates, ringing up the second-highest per-sf price here in the last 20 years, according to GlobeSt.com research.

The $189,732 per-unit price bested the $187,000 per-unit price that CB Richard Ellis Inc. broker Robert W. Miller negotiated last year in the $56.84-million sale of the 304-unit Park Terrace Apartments at 7400 Sugar Bend Dr., as GlobeSt.com previously reported.

The Bermuda Dunes per-unit price is right behind the record $401,914 per-unit price that the 209-unit, two-year-old Mirasol at Celebration generated last week for seller GDC Properties Inc. of Hawthorne, NY, as GlobeSt.com reported previously. Engler also negotiated that deal, representing GDC. The buyer was New York-based Lexin Capital.

American Invsco is also no stranger to the Orlando commercial real estate scene. In July, an American Invsco affiliate acquired the 320-unit, 316,770-sf Plantation Park at Little Lake Bryan apartments for $42.61 million for $133,156 per unit. The 13 two-story and three-story buildings are a half mile from Walt Disney World.

Condo conversion sales are at their highest level in recent years, area brokers tell GlobeSt.com. "We have been very busy in Orlando," Engler says. "We have closed $380 million year to date in Orlando with another $264 million scheduled to close by year end." Engler says his two-year-old, boutique brokerage firm has closed "just under $1.2 billion with another $600 million scheduled to close by year end."

Instant Insights /

GlobeSt.com EXCLUSIVE: Engler Financial Closes Apartment Sale at Second Highest Per-Unit Price

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