Casselberry's Savannah Trace Sells for Nearly $11M

Renaissance Property Group of Knoxville, TN acquired the class B property at 3780 Idlebrook Circle for $10.5 million or $63,438 per unit. Boca Raton-based Apartment Realty Advisors brokers Kevin Judd and Dick Donnellan negotiated for the owner.

"Casselberry is a prime example of a suburban community that has benefited from the surging population and job growth in the Greater Orlando region," says Judd, senior vice president at Apartment Realty Advisors. Savannah Trace, "with its high visibility corner location, attractive units and community elements, is well-positioned to maintain strong occupancy and rent growth in the future."

Adds Donnellan, a principal at ARA: "Investor interest in the Orlando multifamily market has increased dramatically this year." He says there have been 27 transactions with at least 150 units in each transaction closed year-to-date for a total $660 million in sales volume, "up nearly 50% from last year."

Donnellan says "increasing job formations with reduced supply have caused apartment fundamentals to improve this year." Another factor: "Condominium converters have become active in this market." He says the Savannah Trace deal was done at this time "to take advantage of increased demand for income-producing multifamily properties in Orlando."

The deal took 90 days to complete, from contract signing to closing. The property was on the market for 10 months. There were no special environmental or governmental challenges the brokers, owner or buyer had to overcome before closing the transaction, Donnellan says.