X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2022 ALM Global, LLC. All Rights Reserved.