Rare Orlando Multifamily Trades Hands

ORLANDO—Laguna Oaks, a 360-unit multifamily community in Orlando, just traded hands. The sale price: $29.15 million.

Located at 3211 South Semoran Boulevard, Avesta Communities acquired the lakeside property from Ram Realty Services. Shelton Granade, Luke Wickham, and Justin Basquill represented the seller in the transaction.

“There are only a handful of apartment communities in greater Orlando that are on large recreational lakes,” Granade, executive vice president of CBRE Capital Markets, Multifamily, tells GlobeSt.com. “Laguna Oaks has extensive frontage on Lake Fredrica, which helps provide a competitive advantage and creates additional opportunities for rent premiums.”

According to CBRE Research, average apartment rents in Orlando will climb nearly 22% over the next few years. The East Orlando submarket, where this property is located, is expected to be one of the strongest in Orlando. It is projected to see average occupancy of 95.4%.

“The Laguna Oaks sale was very competitively bid and speaks to the demand for infill, value-add offerings in Orlando,” says Granade. The multifamily community is 94% occupied and, as he notes, sits on a 64-acre recreational lake. Lake Fredrica is 10 minutes from Downtown Orlando.

Built in 1973, substantially reconstructed in 1997 and partially renovated in 2013, amenities include onsite boat ramp and boat slips, two pools, a summer kitchen, clubhouse, community room, fitness center, and covered parking. Orlando International Airport and the emerging Lake Nona Medical City are all within 10 minutes.