ORLANDO-Two Central Florida multifamily communities are under new ownership today. The aggregate sale price of the assets, totaling 756 units, was $65.5 million.
In Orlando, Hollywood Towne House LLC sold the 418-unit Cedar Cove community at 4635 Cason Cove Dr. to 2665 LLC for $40 million or $95,694 per unit. The garden-style, gated property consists of 304 one-bedroom , one-bath apartments; 104 two-bedroom, two-bath units; and 10 two-bedroom, two-bath loft homes.
In Tampa, Arbour Ponds Apartments LLC paid Florida Sundance LP $25.5 million, or $75,444 per unit, for the 338-unit Arbour Ponds Apartments at 2901 N. Dale Mabry Highway. The 25-building property sits on 12.77 acres and is made up of one-bedroom and two-bedroom apartments. Marcus & Millichap Real Estate Investment Brokerage Co. brokered both transactions.
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