A week after paying $7.2 million to Chicago entrepreneur Sam Zell's Equity Residential Properties Trust for the 144-unit, 24-building Wood Forest Apartments community in Daytona Beach, Asset Development purchased the 200-unit, 10-building Lakeside South apartment complex near the 1.3-million-sf Mall of Millennia here for $9.7 million.
Both properties were built in 1985. Jupiter Realty Corp. of Chicago, also known as JRC Lakeside Limited Partnership, sold the 93%-leased Lakeside South to Asset whose recorded name for this transaction is Kings Lakeside Apartments LLC. Trish Barton, managing director, JBM Realty Advisors Inc. of Naples, FL and Jamie B. May, JBM's chairman and CEO, represented seller and buyer.
"We think that $48,400 (per unit) is an excellent price for this vintage property in south central Orlando," Barton tells GlobeSt.com. "The 6.6 cap rate on actual numbers is probably a record for this area."
The price represented a 6.6 cap on a trailing 12-month net operation income, Barton says. Asset Development assumed $7.6 million in low floater rate bonds issued through the Florida Housing Finance Corp.
Apartments at Lakeside South average 871 sf of living area with units ranging from 600 sf to 1,140 sf. The monthly rents are $545 to $740. The property sits on an 11.9-acre site at 1980 Lake Fountain Dr.
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