ORLANDO—Orlando's multifamily market continues hitting on all cylinders, with savvy investors still entering the area for the first time. The latest example of that trend is the sale of a 251-unit multifamily community called Misty Oaks.

Misty Oaks sold to 1031 exchange investors from out of the state for $14.056 million. The sale price represents $56,000 per unit and $113.33 per square foot. Franklin Street's Darron Kattan, Kevin Kelleher, Zachary Ames, and Robert Goldfinger represented the seller.

“As the economy continues its strong path in the nation, they say as many as 1,000 people move to the greater Orlando area every day,” Kattan tells GlobeSt.com. “The effects of that growth hit every industry, but multifamily housing rentals in particular will benefit by that tremendously, as a majority of those people will rent when they first arrive at a minimum. While construction of apartments is happening, the absorption should still outpace that and the construction lending in banks is starting to slow down, which should keep overbuilding away for the time being.”

The multifamily property is home to 251 identical one-bedroom, one-bathroom apartments, all of which are 501 square feet. The property is 95% occupied. Approximately 50% of the multifamily units have seen complete renovations and are collecting premium rents.

“Misty Oaks was an excellent opportunity for this out-of- area owner to establish a presence in Orlando,” says Kattan. “The demographics of the overall economy are propelling rents and values tremendously in the older apartment communities. With all one-bedroom units, the property provides a reasonably-priced option for a working force tenant base.”

The multifamily property is located at 744 Spring West Circle just a few minutes off the East-West Expressway. That gives tenants easy access across central Florida from Daytona Beach to Tampa via Interstate 4. Major employers Universal Studios, Islands of Adventure and Walt Disney World are all near the multifamily property.

Orlando is booming. But is the clock ticking? Check out my recent column for strategic insights.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

Orlando is booming. But is the clock ticking? Check out my recent column for strategic insights.

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Out-of-State Investors Still Entering Orlando For the First Time

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