Rentals near Orlando sell for $62,692 per unit
The seller of the 130-unit apartment complex in Kissimmee drew 9 solicited offers
October 08, 2016 03:00PM
The Villas at 17th Apartments
Commercial real estate brokerage Marcus & Millichap said it procured nine offers for a 130-unit apartment complex in Kissimmee that sold for $8.15 million, or $62,692 per unit.
More than 300 potential buyers registered to access the marketing website for the multifamily property, according to the brokerage firm.
“By bringing this property out to the market through our national marketing platform, we were able to procure nine offers, and ultimately close with an out-of-state buyer with local management at the contract price and terms,” Marcus & Millichap executive Nicholas Meoli said in a press release the firm issued Wednesday.
Meoli and Michael Donaldson, both vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the apartment property on behalf of the limited liability company that sold it.
Donaldson and Meoli also secured the partnership that bought the apartment complex, called Villas at 17th Apartments.
Villas at 17th Street Apartments is located at 1701 North Central Avenue in Kissimmee, a suburban satellite of Orlando. Most of the apartments are one-bedroom, one-bathroom units with 625 square feet of rentable space. Among the shared amenities are an on-site laundry and a café, a barbecue and picnic area, and a sports court.
The seller invested in recent capital improvements at a cost of more than $700,000 and has achieved consistent monthly rent growth and a sub-market with strong fundamentals,” Donaldson said in the Marcus & Millichap press release.
Source: The Real Deal