ORLANDO—Yes, bulk condo deals are still happening in Florida. A bulk sale just closed at the Visconti, a gated, 551-unit class A condominium community in the Orlando suburb of Maitland.
The bulk sale included 26 condo units. The buyer paid $2.73 million, or $105,000 per condo. The sale price is significant, considering the condos sold at more than $400,000 each at the market peak.
“There are still good opportunities for multifamily investors to buy fractured condo deals in Central Florida,” says Luke Wickham, the CBRE first vice president who represented the seller. “Prices are up from two years ago but you're still able to purchase way below replacement value.”
Occupancy of the bulk condo units is 93%. The buyer was an all-cash purchaser from Orlando with a Brazilian partner.
Built in 2000, Visconti is located on Lake Shadow off Maitland Boulevard, minutes from the Maitland Center Office Park and the RDV Sportsplex. Common area amenities include a large clubhouse, lakefront views, resort-style swimming pool, a 24-hour gym, a lighted basketball and tennis court, and a waterfront gazebo area.
Together with Wickham, Shelton Granade and Justin Basquill, members of CBRE's Central Florida Multi-Housing Group, have closed more than $5 billion worth of multifamily transactions in the greater Orlando market. Wickham leads the group's Private Capital assignments with typical projects consisting of 150 units or less.
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