Unique Seller Exits After Three Decades

ORLANDO—Villas at Pine Hills, a 96-unit multifamily community in Orlando, just traded hands. The sale price: $60,938 per unit, or $5.85 million.

Cushman & Wakefield executive director Jay Ballard and senior director Ken Delvillar represented the seller, Villas at Pine Hills Partnership. SCR Properties 3 acquired the multifamily asset.

"Villas at Pine Hills provided investors with the opportunity to acquire an asset with a strong historical track record," Delvillar tells GlobeSt.com. "The community's two-bedroom duplex layouts were unique to the immediate market and very desirable for prospective tenants. This demand was exhibited by occupancy rates which were well above market average."

Completed in 1984, Villas at Pine Hills sits on a 16.5-acre site at 5249 Champagne Circle in Orlando. The multifamily community spans 96 980-square-foot, two-bedroom, two-bathroom duplexes.

"The seller was a tremendous steward of the property for nearly three decades, which enables the buyer to step right in and enhance value by streamlining expenses and making minor capital improvements," says Delvillar.Each multifamily unit features a private driveway, direct access garage, a fenced patio, and washer and dryer connections.

According to Cushman & Wakefield's 2Q 2015 Orlando Multifamily MarketBeat Report, two-bedroom units had the highest rent growth in the second quarter, increasing 0.9% in three months. Two-bedroom units also comprise the plurality of product in metro Orlando area, with 48%.

“Orlando's apartment market continued to thrive during the first half of the year,” says Delvillar. “Gains in occupancy and strong rent growth proved yet again that Orlando continued to be a magnet for new residents.”