ORLANDO—Whitepalm Apartment Homes, a 306-unit luxury multifamily community, just sold for $40,289,500. Birmingham, AL-based LIV Development sold the multifamily asset to Nashville's Carter-Haston Holdings.
Whitepalm is located at 5400 South Williamson Boulevard in Port Orange, FL. That's about 45 minutes outside of Orlando. CBRE Capital Markets' Shelton Granade, Luke Wickham, and Justin Basquill represented the seller in the transaction. Together, they have closed about $1.7 billion in multifamily sales in Central Florida since 2013.
"Luxury properties like Whitepalm are leasing very well,” Granade, executive vice president of CBRE Capital Markets, Multifamily, tells GlobeSt.com. “Rents are up due to high tenant demand, and that's spurred increased investor interest."
Completed in 2014, Whitepalm is in the Daytona Beach area near two of the area's largest professional employers: Florida Hospital Memorial Medical Center and Halifax Medical Center. The gated multifamily community sports a clubhouse, a resort-style pool with cabanas, a beach fully equipped with hammocks and a fitness center.
“Whitepalm is the fifth pre-stabilized apartment property we have sold recently in Central Florida,” says Granade. “Investor interest in newer assets is growing substantially, even before these communities are fully occupied. Volusia County is in the midst of an impressive economic expansion and the Port Orange area was under-served in terms of luxury apartments.”
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