ORLANDO-The Landings at Timberleaf, a 240-unit tax credit community at 5435 Timberleaf Blvd., has changed hands. A private New York-based investment group paid Winter Park-based PAC Land Development Co. $12.1 million, or $50,417 per unit, for the 96%-leased apartment building.
The price translated to a 6.49% cap rate. The property was on the market for six weeks and attracted five bidders, Marcus & Millichap brokers tell GlobeSt.com. Enon Sterling Winkler and Kenneth Delvillar of the Sterling Group at Marcus & Millichap's Orlando office, and Robert Sheppard and Spencer Hurst of the Sheppard Group at Marcus & Millichap's Seattle office represented buyer and seller.
The deal was done at this time solely for investment purposes, Winkler tells GlobeSt.com. The buyer doesn't plan to convert the property to condominium homes as many recent purchasers of apartment properties have done in metro Orlando. The deal took 10 months to complete, from contract signing to closing. The average asking base rent is $700 per month.
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