ORLANDO—This is not your typical multifamilysale. Auvers Village just traded hands for $50.65 million.

|

Salt Lake City-based Bridge Investment GroupPartners acquired the 480-unitmultifamily asset, which is located Orlando'saffluent Baldwin Park submarket. CBRE representedthe seller in the transaction. It marks Bridge's entrance into theCentral Florida multifamily market. The firm plansto upgrade the interiors and amenities of the 1989-vintageasset.

|

“The property is ideally located in a highly visible location onSemoran Boulevard across from the prestigious Baldwin Parkneighborhood of Orlando,” says Shelton Granade ofCBRE. Granade led the sales effort in Orlando working withLuke Wickham, Robert Given, andJustin Basquill.

|

“Auvers Village is a prime candidate to add value throughenhancing the unit interiors and amenities,” Granade says. “Wegenerated very strong demand from prospective buyers, whichdemonstrates the quality of the asset and serves as further proofthat the Orlando multi-housing market will be a national growthleader over the next few years.”

|

CBRE Econometric Advisors Research projects that the Orlandomulti-housing market will outperform the national averages in termsof occupancy and rent growth over the next five years. During thesame time, average apartment rents in Orlando are forecasted toclimb nearly 21%.

|

For its part, Greater Orlando is projected to add 244,000 newjobs by 2019 as well, ranking first in the country in terms ofpercentage increase in employment. CBRE says projected gains are agood sign for owners of well-located assets like AuversVillage.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.