ConAm investment group paid SSR Realty Advisors $21.9 million or $59,511 per unit for Willa Springs, a 368-unit, 13-year-old community in suburban Winter Springs. The 91%-occuped complex has 349,272 rentable sf in 34 buildings on a 44.8-acre campus, seven miles north of Downtown Orlando.
Bob Miller, senior vice president in the Orlando office of CB Richard Ellis, and Tyler Anderson of the firm's Phoenix office, negotiated for SSR Realty Advisors.
In the second transaction, Reliance Housing Foundation paid Manufacturer's Life Insurance Co. $9.45 million or $41,447 per unit for Village Lakes, a 228-unit, 13-year-old community in suburban Sanford, FL, 25 miles north of Downtown Orlando. The 93%-occupied Village Lakes has 181,656 net sf on 13.4 acres. Miller represented Manufacturer's Life.
He sees another strong year for multifamily in Central Florida based on the market's 2000 performance. "In spite of increased new multifamily development in the Orlando market, we have experienced record absorption of over 9,000 units in 2000; occupancy rates are above 93%; and rent growth was 4.9%," he tells GlobeSt.com.
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