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OAKLAND PARK, FL-SCI Real Estate Investments has sold a two-property multifamily portfolio to an investment entity led by Chicago-based Alliance Holdings LLC. The price was $67 million, which translates to an average of $105,346 a unit, although each property was priced separately. They are Forest Park Apartments here and Caribbean Isle Apartments in Kissimmee.

Forest Park, located on 11.2 acres at 2829 S. Oakland Forest Dr., consists of 188 two- and three-bedroom units averaging 1,240 sf. The asset was completed in 2000, and sold for $27.5 million, or $146,277 a unit. Brad Capas of Cushman & Wakefield's South Florida apartment brokerage services team tells GlobeSt.com it is about 96% occupied, and the average rent rate is $1,400 a month. Capas, located in C&W's Fort Lauderdale office, and Rosendo Caveiro in its Miami office, represented both the buyer and seller.

The same duo worked with Jay Ballard and Hal Warren in C&W's Orlando office on the Caribbean Isle transaction. Caribbean Isle was built in 1990 and contains 448 units at an average size of approximately 791 sf. It is located on 22.5 acres at 3503 Bonaire Blvd. in Kissimmee. The sale price was $39.5 million, or $88,170 a unit. Capas say it is 94% occupied, and the average rent is $820 a month.

"These are quality, investment grade assets that are stabilized and position the buyer very well to participate in Florida's highly targeted rental apartment investment market," Capas says. "The condo-conversion boom is pretty much over," he tells GlobeSt.com.

The transaction "underscores the incredible appetite for quality rental investments we are experiencing throughout Florida," adds Ballard. "Investors that had been on the sidelines as a result of several years of market domination by condo converters are back in the market and aggressively seeking rental apartment investment opportunities."

Instant Insights /

SCI Nets $67M in Multifamily Portfolio Sale

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