ORLANDO—The Villages Portfolio, three multifamily properties with 710 units in Central Florida—has traded for $62 million. Philadelphia-based Equus Holdings grabbed the multifamily assets from a partnership between Alex Brown Realty of Baltimore and Oculus Development of Chicago.

The multifamily portfolio includes Village at East Lake, in Clermont, Village at Lake Ned in Winter Haven, and Village at Park Road in Plant City. CBRE represented the seller, and also provided the financing for the buyer through Fannie Mae.

“The Villages are in strong path-of-growth locations in Central Florida, and are poised to take advantage of the region's rapidly recovering multi-housing market,” says Shelton Granade of CBRE. “The portfolio generated significant interest, and the assets have great upside through modest property enhancements.”

The timing seems right for Central Florida multifamily investors. MPF Research forecasts that greater Central Florida will add over 200,000 jobs by 2018—and that average market rents will rise as much as 4% to 5% in each of the next three years. Those stats make Central Florida multifamily a good bet in the eyes of investors.

Completed in 2001, Village at East Lake has 250 multifamily units. Village at Lake Ned was completed in 2000 and has 212 apartment units. Village at Park Road was completed in 2001 and has 248 units.

All three multifamily communities are gated and offer private garages, a car care center, lake views, a swimming pool, a clubhouse, business center, fitness center, full basketball court, tennis courts, and volleyball, a playground, and picnic and barbecue areas. CBRE's Granade led the sales effort working with Luke Wickham and Justin Basquill in Orlando, along with John Selby and Sean Williams of CBRE's Tampa office.