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ORLANDO-Well maintained and strongly leased multifamily properties continue to be a hot item in local investment circles as indicated by the $6.3-million sale of a 31-year-old, 93%-leased apartment community.

Denver-based Aimco sold the 168-unit Lake Conway Woods complex to Miles Properties of Atlanta for $37,500 per unit, a price that CB Richard Ellis Inc. senior vice president Robert W. Miller tells GlobeSt.com is about right for the market at this time. “The property did need some capital,” Miller says.

The property was on the market for three months and took 75 days to complete, from contract signing to closing. Miller won’t say why the deal was done at this time or disclose who provided the financing for the transaction.

The average asking base rent range of the apartment units is $624 per month. The units average about 855 sf of living area. There are 80 one-bedroom, one-bath apartment and 88 two-bedroom, two-bath units.

Miller expects the multifamily investment market to continue its robust position for the rest of the year. “We have closed over $120 million in the first half of this year and are on track to do at least that much in transaction volume in the second half,” he tells GlobeSt.com.

Shelton Granade Jr. in CBRE’s local office and Sean Cunningham and Jack Hannum in the firm’s Phoenix office worked with Miller in representing Aimco. Miles Properties’ in-house representatives negotiated for their company.

In a separate investment sales transaction, CBRE’s Tampa office brokered a $26.4-million sale of 10 buildings in the Watermark at Westshore office park to three separate private investors. The closing price for the total 246,943 sf of office space equates to an average $106.96 per sf. Harbert Management Corp. of Birmingham, AL was the seller.

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