ORLANDO-Northwestern Mutual Life, which owns Osprey Links at Hunter’s Creek, a multi-family development  in Orlando, has put it up for sale. There is no asking price for the 424-unit property, which was built in 1996 and renovated several years ago.

The development  has one, two and three bedroom units with the average rent being about $1075 per month. It has an almost equal mix of product: 156 one-bedroom units, 156 two-bedroom units and 132 three- bedroom units.

Jeff Morris, managing director at Jones Lang LaSalle in Orlando, who is one of the brokers trying to sell the property, says that values for multi-family properties have been steadily increasing for the last 18 months. In the last year, he says, they are up from 15% to 20% in most places in Florida.

A likely buyer for Osprey Links at Hunter’s Creek, could be a private equity investor or even a REIT, says Morris. Each REIT has a different strategy and focuses on a different location, he says. “But all the major REITs have maintained some level of activity even in the last two years,” says Morris.

“It is not hard to get financing for a multi-family project, if it is well-occupied,” says Morris. Osprey Links at Hunter’s Creek is 93% occupied.

“Most multi-family financing today comes from Fannie Mae and Freddie Mac,” says Morris. “In all likelihood, whoever buys Osprey Links will put financing on it,” he says.

Osprey Links is a master-planned community 10 to 15 minutes from Orlando’s tourist area. It has many lakes, parks, recreational trails, a golf course  and a public elementary school and middle school. The development underwent an extensive renovation between 2004 and 2007. During the renovation, the roof was upgraded, new windows were installed, counter-tops were upgraded and screened-in balconies were added, among other things. There is more than 13 million square feet of retail within five miles of Osprey Links.

Morris is optimistic that he will be able to sell the Osprey Links at Hunter’s Creek quickly, in spite of certain unfavorable conditions in the market. In Orlando, he says, there is still a shadow market which negatively impacts the rental market. Many of the condominiums which are sold, are sold to investors who will rent them out, says Morris. Plus, there is no job growth in Orlando.

And the occupancy rate for apartments in the Orlando metro area, is not that high. Morris says that it stands at 88.5%, compared to around 95% in 2006.

“But investors are paying more for apartment developments than a year ago,” says Morris, because  there are more buyers than sellers, interest rates are low and there is an unprecedented amount of money on the sidelines earning 0 percent interest, he says.  Plus, says Morris, there has been a bounce in the market of late, because everyone realizes that it has bottomed out.