Flurry of Apartment-Retail Sales Hit Metro Area

In Orlando, Marcus & Millichap brokers sold the Shenandoah Station Apartments on Shenandoah Way just east of Semoran Boulevard to affiliates of the Watson Group, an Orlando investment firm, for $9.95 million. Watson affiliates also bought Grove Park Apartments at 5325 Curry Ford Rd. from seller CLK for $8.65 million. The two properties total 372 units with the price equating to $50,000 per unit. CLK had owned both properties since 1998.

Todd F. Cohen, director, Orlando office, Primary Capital Advisors, arranged financing for the two deals. "The financing package that was structured will also allow for the sale of the individual units, should the owner decided to take that route," Cohen says. "The loan also provides for much-needed funds to renovate the properties and return them to their pre-hurricane condition." Developer Barry Watson and his firm control over 800 residential units in metro Orlando, Cohen says.

Fifth Third Bank funded the Shenandoah transaction. BB&T financed the Grove Park acquisition. The floating loan interest rates start at around 5.75%, Cohen says. The financing package took 60 days to complete.

Feiga Partners II LLP of New York was the seller in the Shenandoah, Grove Park and Cedar Place Apartments transactions. James Zavko, an Orlando-based condo converter and developer, and his associates paid $9.5 million for Cedar Place, also in Orlando. Feiga had owned the property since 1998.

In Palm Harbor, Marcus & Millichap broker Ron J. Schultz represented buyer and seller in the $650,000 sale of Curlew Center, an 80%-leased strip shopping center property at 2330 Curlew Ave. A private Tarpon Springs investor purchased the 20-year-old asset. The deal was done at this time because "the seller was looking to sell at the top of the retail market," Schultz tells GlobeSt.com.

The Tampa office of Marcus & Millichap was also involved in closing the $1.48-million sale of Furr's Family Buffett, a single-tenant, net-leased property in Sulphur Springs, TX. A private California investor bought the restaurant.