Colony Club Village Sells For Second Time in 15 Months

Smith Equities brokers Gerald and Mark Smith and Kurt Gies handled the current transaction. Mark Smith also brokered the deal 15 months ago. "The unique site configuration, with only one to four units per building and single-car garages for every unit made it a natural for conversion," says Mark Smith. The average unit size is 1,095 sf with average rents at $786 per month.

"When the property was first purchased, the buyer was considering converting the property himself," Mark Smith tells GlobeSt.com. "Since he had not done a conversion before, he decided he was better off selling the property at an attractive price to someone who had a stronger track record in the conversion process."

The current deal took 90 days to complete, from contract signing to closing, Smith tells GlobeSt.com. "For the sellers, it is the fifth deal I have brokered for them--three purchases, this sale and an equity loan," Smith says. He has closed two deals so far this year totaling $47.5 million and predicts apartment sales will be robust again in 2005.

"The condominium market is setting the price for multifamily sales in the Florida market," says Smith. "Any multifamily owner who has been sitting on the fence with respect to selling is looking hard at cashing in on the increase in property values."

For Smith Equities Corp. the second Colony Club Village transaction puts the company over the $200 million mark in sales for the past 12 months, says company president Robert Smith. The sales consisted of a total 2,917 units.

Robert Smith and his brothers Gerald and Mark founded Smith Equities Corp. 13 years ago. The company has consistently ranked among the top multifamily investment sales firms in Central Florida, according to various local rating criteria.