Highland Pointe Apartments Sold for $12M

ORLANDO-Closing their second multifamily transaction in two weeks, locally based Smith Equities Corp. brokered the $12-million sale of the 18-year-old, 272-unit Highland Pointe Apartments at 7721 Silverpointe Blvd. in southeast Orlando.

Highland Pointe Apartments LLC paid Highland Pointe Ltd. $43,394 per unit, or $51.45 per sf for the property, which was built in two phases between 1985 and 1987. The building comprises 124 one-bedroom, one-bath units; 132 two-bedroom, two-bath units; and 16 three-bedroom, two-bath units.

The average living area space in each unit is 854 sf. Average base rents are $673 per month. Brothers Gerald A. Smith and Mark D. Smith handled the transaction.

In last week’s closing, Smith Equities brokered the $5-million sale of the 13-year-old, 104-unit Belle Rive Club Apartments in Jacksonville, FL, as GlobeSt.com previously reported.