Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

ORLANDO-On the market for only three weeks, the newly completed, 398-unit, 16-building Douglas Grand at MetroWest apartment community has been sold for $69 million or a record per-unit price of $173,367.

Chicago-based MCZ Development/Centrum Properties paid Winter Park developer Doug Hoeksema, a principal in Douglas Partners, $144.72 per sf for the 477,600-sf asset at 6101 MetroWest Blvd., near Universal Orlando in southwest Orlando. Douglas Grand was 60% leased at closing.

“High quality construction and unit design helped Douglas Grand at MetroWest to set a price point $25,000-per-unit higher than any other transaction to date in the Greater Orlando region,” Kevin Judd, senior vice president of Boca Raton-based Apartment Realty Advisors, tells GlobeSt.com. Judd and ARA principal Marc deBaptiste negotiated for the developer. The buyer represented itself.

The deal was done at this time because the buyer wanted “to take advantage of [strong] condo conversion interest in Orlando,” Judd tells GlobeSt.com. The property represents “one of the most attractive condominium conversion opportunities in Central Florida.”

Judd adds, “Condominium converter demand in Greater Orlando has been bolstered by a 34% increase in median [single-family] home prices over the past year and the Orlando MSA’s No. 8 ranking among the nation’s highest home price appreciation level increase over the same period.”

The transaction took six months to complete, from contract signing to closing. Douglas Grand’s 398 units are made up of 158 three-story townhomes and 240 apartment units. The average asking base rent range is $720 per month or $1.12 per sf for a one-bedroom, one-bath apartment to $1,670 per month or 95 cents per for a four-bedroom, three-bath townhome. The average living area in the units is 641 sf to 1,766 sf.


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.