ORLANDO—Island Club, a 472-unit gated in Orlando, has traded hands. An affiliate of Harbor Group International sold the multifamily asset to Moncler Capital Partners for $45 million. CBRE's Shelton Granade, Luke Wickham, and Justin Basquill provided exclusive representation to the seller in the transaction.
“Orlando had 62 million visitors last year—more than any US city ever,” Granade, vice chairman of CBRE Capital Markets, Multifamily, tells GlobeSt.com. “Those visitors spent $60 billion in Central Florida, which is propelling our economy and our multifamily market in a very positive direction. That really resonates with our investors, particularly on assets near Universal Studios like Island Club.”
Built in 1990, Island Club is located minutes from Downtown Orlando, Universal Studios, the Mall at Millenia, and the Dr. Phillips area's “Restaurant Row.” Spanning 42 acres that offer conservation and water views, the multifamily community's amenities include two pools, a fitness center, game room, dog park, and tennis court. Island Club entertains drive-by traffic visibility of more than 45,000 vehicles per day and was 94% occupied at closing.
“Island Club generated strong interest from value-add investors seeking rental upside in this high-demand submarket,” says Granade. “The Orlando economy has a really compelling story right now, which is helping to attract very capable private equity and institutional investors.” Granade and his Central Florida Multifamily team have executed more than $6 billion in apartment transactions in the Orlando area, including over $550 million in 2015.
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