Empire Group Expands Florida Holdings

The seven-month transaction was "frustrating to both buyer and seller" because Empire had to resolve conduit financing issues on all of the properties before the deal could close, Hal Warren, associate director, the Apartment Group/Orlando, tells GlobeSt.com. Warren and senior director Cole Whitaker brokered the transaction. The Apartment Group, based in Atlanta, is a Cushman & Wakefield company.

The deal was done at this time because A&M is exiting the multifamily market to focus on single-family developments, Warren says. He tells GlobeSt.com he is confident Empire made a prudent acquisition since "the geographic diversity" of the five properties will provide the buyer with some support in any down market.

Abe Miller, Empire's vice president of acquisitions, represented his company. Empire entered the Florida market last year with the $17.2-million purchase from EQR of the 432-unit Emerald Bay apartments in suburban Winter Park.

Empire's five acquired properties include the 120-unit, 17-year-old, 96%-leased Windover of Fort Pierce at 2476 Atlantis Dr., Fort Pierce, FL; the six-year-old, 90-unit, 95%-leased Wedgewood apartments at 4355 Corporate Ave., Lakeland, FL; the 188-unit, 19-year-old, 93%-leased Windover of Golden Point at 2255 Friday Court, No. 225, West Melbourne, FL; the 260-unit, 19-year-old, 95%-leased Windover of Melbourne at 2255 Friday Court, West Melbourne, FL; and the 200-unit, 17-year-old, 92%-leased Windover of Orlando at 5496 Fitness Circle, Orlando.

The average asking base monthly rent at Windover of Fort Pierce is $525 to $630; Wedgewood, $570 to $735; Windover of Golden Point, $545 to $770; Windover of Melbourne, $545 to $770; and Windover of Orlando, $502 to $841.