Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

ORLANDO-After paying $150 million, or $138,760 per unit, in the biggest apartment sale of the year in May, New York-based RAK Acquisition Group is investing another $15 million to convert the 413-unit Charles Towne apartments to condos. The property is at the 1,081-unit Park Central multifamily compound in south Orlando. GlobeSt.com reported the sale in an exclusive May article.

RAK officials have retained Orlando-based Signature GMAC Real Estate to market and sell the condos at pre-construction prices of $150,000 for one-bedroom units to $270,000 for three-bedroom, two-bath homes, says Signature project manager Jim Murrin. “Those prices are expected to rise after the initial private offerings,” he says.

The conversion period at the gated 59-acre, one-million-sf John Young Parkway and Americana Boulevard property is expected to take six to 12 months. Murrin calls the conversion “the most expensive to date” in Florida. The RAK Group has converted apartments to condos in Miami, New York, Chicago and Atlanta.

Charles Towne condos will offer a private day spa, restaurant and sports bar, multilevel fitness facility, full-sized indoor basketball court, movie screening room, two lighted tennis courts and five private swimming pools.

“There are a lot of condo projects, both new and conversions, going in metro Orlando, but few that offer the total package of Charles Towne at Park Central,” Murrin says. “The RAK Group paid top dollar for this property, but this is a top drawer development worth every penny.”

Charles Towne is one of three communities at Park Central. RAK hasn’t decided if the 440-unit Belmont, built in 1994, and the 228-unit Manor Row, completed in 2000, will go the same condo route as the seven-year-old Charles Towne component, Murrin 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. 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.