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

WINTER SPRINGS, FL-The 368-unit, 34-building Willa Springs apartment complex is going condo. Fort Lauderdale-based Centurion Partners has acquired the 44.8-acre, 97%-leased property, 20 minutes from Downtown Orlando, from Con Am Group of San Diego for $41 million or $111,413 per unit.

The 19-year-old suburban property at 4545 Willa Creek Dr. rents for an average $745 per month for one bedroom, one-bath units to $1,145 per month for three-bedroom, two-bath homes. The units are sized from 946 sf to an average 1,277 sf. Brokers Kevin Judd and Richard Donnellan of Apartment Realty Advisors in Boca Raton negotiated for the seller. Con Am Group represented itself.

Judd says the acquisition is timely for the California buyer because “the northeastern Orlando area has continued to flourish, with strong demographics, commercial development and significant employment growth in high-technology industries.” He calls Willa Springs “a first-rate conversion” candidate. Con Am decided to sell Willa Springs to “take advantage of converter interest” in Central Florida, Judd adds.

Donnellan continues to see Orlando as “a very hot [multifamily] market.” He cites the Orlando MSA’s unemployment rate of 3.3% in November 2005 as “the lowest rate among the six largest metro areas in Florida.”

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