In Orlando, Marcus & Millichap brokers sold the ShenandoahStation Apartments on Shenandoah Way just east of Semoran Boulevardto affiliates of the Watson Group, an Orlando investment firm, for$9.95 million. Watson affiliates also bought Grove Park Apartmentsat 5325 Curry Ford Rd. from seller CLK for $8.65 million. The twoproperties total 372 units with the price equating to $50,000 perunit. CLK had owned both properties since 1998.

Todd F. Cohen, director, Orlando office, Primary CapitalAdvisors, arranged financing for the two deals. "The financingpackage that was structured will also allow for the sale of theindividual units, should the owner decided to take that route,"Cohen says. "The loan also provides for much-needed funds torenovate the properties and return them to their pre-hurricanecondition." Developer Barry Watson and his firm control over 800residential units in metro Orlando, Cohen says.

Fifth Third Bank funded the Shenandoah transaction. BB&Tfinanced the Grove Park acquisition. The floating loan interestrates start at around 5.75%, Cohen says. The financing package took60 days to complete.