ORLANDO-After a year of ownership, Chicago-based Gen Realty Capital Inc. has sold the 16-year-old, 264-uniit Chatham Landing apartments at 2550 Alafaya Trail in east Orlando to Walden Palms of Miami for $23.8 million or $90,152 per unit.
The sale price for the 226,200-sf, 11-building property equates to $105.30 per sf. The13.9-acre property includes two swimming pools, two clubhouses, a fitness center and a dock. The 95%-leased community has an average asking base rent of $855 per month and includes one-, two- and three-bedroom apartments.
The property was on the market for six months. Buyer and seller encountered no environmental or governmental challenges in closing the deal, according to the Apartment Brokerage Services division of Cushman & Wakefield of Florida Inc., which represented the seller. The buyer represented itself.
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