CET Holdings Inc. purchased the 1987-built property from Springs Garden Apartments Inc. Both buyer and seller are from DeLand. Darrell Johnson of Orlando-based Smith Equities Corp. brokered the transaction.
The units average 1,034 sf of living area and average $600 per month in base rents. The apartments are all two-bedroom, two-bath size.
The sale comes as the Orlando office of CB Richard Ellis Inc. notes investor demand for multifamily product in Central Florida is strong but few properties are going on the market. Those that are being offered by owners are generating premium prices if sold on an all-cash basis, Robert W. Miller, CBRE's SVP, tells GlobeSt.com.
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