X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Five years after it surfaced as Downtown’s first major apartment communities in the last 10 years, the 303-unit, 95%-leased Echelon at Cheney Place has been sold and will be converted to condo units priced from $100,000 to $300,000.

Chicago-based Cheney Place II LLC, headed by Illinois developer Robert W. Forloine, paid St. Petersburg, FL-based Echelon Properties Inc. $36.5 million or $120,462 per unit for the North Orange Avenue asset.

Locally based Olde Town Brokers Inc., headed by developer Phil Rampy, is offering tenants a chance to buy the condos before they are formally marketed in August. The conversions are expected to be completed by year end.

The Echelon conversion follows a score of similar redevelopments Downtown in the past 18 months. Downtown’s working population of about 30,000 have been the main buyers. One of the quickest sellouts in years occurred last month when the Metropolitan at Lake Eola, formerly the Harley Hotel and Sheraton Four Points Hotel, sold its 128 units in 72 hours. The units were priced from $100,000 to $200,000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.