ORLANDO-A three-property multifamily portfolio consisting of 1,011 units in Orlando and Palm Bay has been sold to New York-based Affirmative Equities Co. The seller of the portfolio was Needham, MA-based Sawyer Realty Holdings.

The properties consisted of Reserve at Rosemont I and II in the Rosemont community in northwest Orlando, Misty Oaks in western Orlando and Landings at Palm Bay in Palm Bay. The purchase price was not disclosed but the properties were listed at $23.3 million for Rosemont I and II, $11 million for Misty Oaks and $14.7 million for Landings at Palm Bay.

Boca Raton-based Apartment Realty Advisors senior vice president Kevin Judd and principal Marc deBaptiste represented the seller in the transaction. Judd, who serves as ARA's Central Florida multifamily specialist, tells GlobeSt.com that it was the right time for Sawyer Realty to sell because of the high occupancy rates in most multifamily properties in Orlando. "They decided to take advantage of these strong conditions."

Judd notes that the occupancy level in each of the buildings was "very high, in the upper 90%."

Located across from each other, the 488-unit Reserve at Rosemont I and II were constructed in 1984 and 1985 and renovated in 2004-2005. Reserve at Rosemont I consists of one-bedroom units in 19 three-story buildings and Reserve at Rosemont II consists of one- and two-bedroom units in 10 two-story buildings. The 252-unit Misty Oaks is a garden apartment complex constructed in 1983 and renovated in 2004-2005 consisting of 21 two-story buildings. The 271-unit Landings at Palm Bay is garden apartment complex built in 1985 and renovated in 2004-2005 consisting of one-bedroom units in 19 two- and three-story buildings. "The buyer owns a few other properties in the area and wanted to add to his portfolio," Judd says.

"The Sawyer Realty portfolio represented an opportunity for an income buyer to take advantage of the strong market conditions prevalent in Orlando and on the Space Coast. Sawyer did an excellent job in managing these assets and the properties were in good condition," he notes.