ORLANDO-On the market four months and minutes from Walt Disney World, the Gaylord Palms Resort & Convention Center and the Disney-developed city of Celebration, the three-year-old, 304-unit Villas at World Gateway had no problem finding a new owner. New York-based Empire Equity Group paid Davis Development Co. of Atlanta $31.1 million, or $102,303 per unit, for the 94%-leased property. This is the third CB Richard Ellis-brokered multifamily property that has sold for over $100,000 per unit this year.

Robert W. Miller, senior vice president, Central Florida Multi-Housing Group of CBRE and CBRE broker Shelton D. Granade, negotiated for the seller. The buyer represented itself. The deal was done at this time “to capitalize on the low interest rate environment and aggressive buyers in the market,” Miller tells GlobeSt.com.

The deal took only three months to complete, from contract signing to closing. Buyer and seller ran into no environmental or governmental challenges before closing the transaction, Miller says. The property is at 19927 Villa Square Dr. in south Orlando. The average living area is 1,120 sf per unit. Average asking base rents are $725 to $1,285 per month.

Miller tells GlobeSt.com CBRE’s Florida Multi-Housing Group is expected to complete $2.2 billion in sales this year, or “about twice what we did last year and more than any other brokerage firm in the state.” To date, CBRE has sold about $1.5 billion in multifamily properties this year. “The assets sold range from AA properties purchased by condo converters to older communities that presented value-added opportunities” for buyers, Miller says.

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