Altamonte Spring Sees Region’s Second-Largest Multifamily Trade of 2011

ORLANDO-In one of the largest multifamily sales in the Orlando area this year, a two-asset portfolio has traded for $63.15 million. Timberlake and Glades apartments, sister properties in Altamonte Springs, offer a collective 876 units.

Shelton Granade, senior vice president, and Luke Wickham, director of CBRE’s Central Florida Multi-Housing Group, represented the sellers, BlackRock and Greystar. Philadelphia-based Goldoller Real Estate Investments bought the 1985-86 vintage properties.

“These properties were in a fund that came to maturity and the owners decided to sell at a time when there was some good momentum in the market,” Granade tells GlobeSt.com. “The property was 93% occupied and stabilized but a number of buyers believed there was still a good upside in the property and operations continue to improve.”

The Timberlake-Glades was Goldoller’s first multifamily acquisition in the Orlando area. The sale marks a continued 2011 trend of new equity coming into the area. In fact, Granade says the last several deals he has brokered have sold to out-of-state investors making their first purchase in Orlando.

The Timberlake-Glades fetched the second-highest sales price of any multifamily trade this year. Only 55 West in Downtown Orlando saw a higher price. It sold for $75 million in March. Overall, Granade says pricing on multifamily assets has continued to climb this year.

“On average, deals this year have typically been in the $20 million range, plus or minus,” Granade says. “This deal attracted a lot of private equity because of its size, and the bidding was a little more competitive on this than some of the smaller deals.”