ORLANDO—It's one of the largest multifamilycomplex sales in Greater Orlando this year. Sun Key Apartment inWinter Park, FL just traded for $57.7 million.

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CBRE's Shelton Granade, LukeWickham, and Justin Basquill representedthe seller, a controlled affiliate of Starwood CapitalGroup, a leading global private investment firm thatpurchased the property in September 2010. BC PropertyInvestments acquired the 596-unit luxury apartmentcommunity in the Orlando suburb.

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“As one of the year's largest such transactions in Orlando, thisacquisition exemplifies the strength of Central Florida'smultifamily market,” says Granade, executive vice president of CBRECapital Markets, Multifamily. “Rents are on the upswing in thishigh-barrier-to-entry location, and this desirable entry pointproperty is likely to generate additional returns through modestproperty enhancements and further market improvement.”

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The multifamily community was built in 1987 buthas seen $12 million in capital upgrades in recent years. Located15 minutes from Downtown Orlando and just a few minutes fromupscale shopping and dining in Winter Park's “Rodeo Drive,” thePark Avenue district, the complex is 94% occupied.

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Multifamily housing is really hot for avariety of reasons,” Mike Cohn, regional presidentand co-founder of Lennar Commercial, tellsGlobSt.com. “Baby Boomers are downsizing and choosing to live in'in-town' and Millennials are bucking the old American dream ofmoving to the suburbs and buying a house. They want the flexibilityand added social benefits of multifamily.”

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