Suburban Apartments Trade for Record Per-Unit Price

"The per-unit price is the highest per-unit price ever recorded for a Brandon apartment sale," Byron Moger, senior director for the southwest Florida apartment brokerage services division of Cushman & Wakefield of Florida Inc., tells GlobeSt.com. "There may have been higher per-unit sales in the direct Tampa area but for this suburb, it's a record price."

The 371,184-sf Courtney Palms property is renting for 94 cents per sf based on a monthly range of $810 to $1,134. The units have average living areas of 1,049 sf. The deal took 60 days to complete, from contract signing to closing. Belle Rive Group represented itself in the transaction.

The demand by local, regional and institutional investors for new or well-maintained multifamily properties with a solid leasing base and future rent-increase potential continues to be strong in Central Florida, Moger tells GlobeSt.com. He recently negotiated the sale of Admirals Walk apartments in Sarasota. The price of $33.86 million, or $136,000 per unit, was "the highest [per-unit price] ever recorded in Sarasota," Moger says.