ORLANDO-Robert E. Smith, president of locally based Smith Equities Corp., says deals don’t get any better than the $5.37 million sale of the 24-year-old, 96-unit Sunpoint Apartments at 5501 Conroy Road near Kirkman Road in southwest Orlando. Smith orchestrated and brokered the four-day sale of the 80%-leased property while phoning longtime client Albert M. Berriz, CEO of Ann Arbor, MI-based McKinley Inc. to offer the company a list of other for-sale properties.

“He wasn’t interested in any of my listings, but said he was interested in the property next door” to his own apartment community, Smith tells GlobeSt.com. The only problem was that the desired property wasn’t for sale–yet.

Smith solved that problem by immediately calling Sunpoint Investors Ltd. Yes, they would sell. The price: a firm nearly $5.4 million or $56,000 per unit. McKinley agreed and the deal was done.

“I have been active in the state, brokering apartment complexes since 1990 and this has to have been one of the smoothest transactions I have been involved in yet,” Smith tells GlobeSt.com. “Both the buyer and seller performed like clockwork–from the four-day initial offer to contract, to the three-day inspection, to the actual closing.”

McKinley’s Berriz says Central Florida is “a core market for McKinley and we have been successfully investing in Orlando since 1982.” He adds, “We really like everything we see about the long-term fundamentals for Central Florida, and we are particularly bullish about our investments surrounding the attractions, including Disney, Universal and Sea World.”

Berriz says his company is “actively seeking multifamily and retail investment opportunities” in the Orlando attractions area. “We anticipate significant growth in our Central Florida portfolio over the next decade,” he says.

Sunpoint Apartments comprises 12 buildings consisting of two-bedroom, two-bath units renting for an average $689 per month. The living area averages 900 sf in each unit. The sale price equates to $62.22 per sf.

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