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ORLANDO-On the market only 45 days, the 15-year-old, 316-unit West Colony Apartments in suburban Altamonte Springs has been sold to an affiliate of Birmingham, AL-based Harbert Real Estate Fund II.

Harbert officials declined to disclose the contract price. But Seminole County real estate records confirm the 94%-leased, class B+ property at 1037 Alden Parkway was sold for $16.42 million, or about $51,978 per sf, to Chicago-based Executive Capital Corp. The entire deal took five months to complete.

After a lull in most of 2002, the multifamily investment market in the metro area continues to be “very hot” this year, Robert W. Miller, senior vice president in the local office of CB Richard Ellis Inc., tells GlobeSt.com. “A number of new properties have recently come on the market.” Miller negotiated for the seller.

He anticipates rising interest rates “may have some affect on the prices people will pay” in the near future for properties but doesn’t think the higher rates will slow down the investment interest substantially. “I would categorize the market now as stable with some growth expected,” Miller says.

He says the $51,978-per-sf-price is “about right for this property and for the market at this time.” Miller has sold more than 13,000 apartment units in 70 Central Florida communities in his career to date.

The local office of Lincoln Property Management Co. will manage the apartments which have an asking average monthly rent range of $580 to $845 per month. The average unit’s living area is 548 sf to 1,088 sf. West Town Colony sits on 18.7 acres and consists of 12 buildings totaling 239,032 sf of rentable area.

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