Orlando apartment complex fetches $44,401 per unit
Commercial real estate brokerage Marcus & Millichap announced the sale of a 192-unit apartment complex in Orlando for $8.525 million, or $44,401 per unit.
Michael Donaldson and Nicholas Meoli, both vice president investments in Marcus & Millichap’s Tampa office, procured the buyer of the Willow Bend apartment complex at 4757 Silver Star Road in Orlando.
“Having closed several transactions in the immediate area, we were cognizant of the pinnacle for area market rents and saw potential to raise rents substantially at Willow Bend both organically and through additional strategic renovations,” Donaldson said in a prepared statement.
Built in 1974, Willow Bend has 168 units with one bedroom and one bathroom, and 24 two-bedroom, two-bathroom units.
Source: The Real Deal