ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Milan (top left and middle right photos), a 240-unit community in the Altamonte Springs/Apopka area of the Orlando MSA.
Completed in 1999, the Milan was purchased for condo conversion in 2006, and 67 units closed individually as condos. The remaining 173 units reverted to rentals, and CBRE represented the seller in the bulk sale of those units. Including the sale of the Milan in June,
CBRE’s Central Florida Multi-Housing Group has closed 13 apartment transactions in Central Florida so far this year. Shelton Granade and Luke Wickham of CBRE’s Orlando office have exclusively represented the sellers in all transactions.
Multi-housing sales activity has continued to increase throughout the year. The other assets sold in Orlando range from “value add” opportunities built in the 1970s and ‘80s to class “A” projects built within the last ten years.
CBRE has also sold several “fractured” deals like the Milan – communities that converted and sold units as condominiums and reverted the remaining units back to rentals. CBRE’s Central Florida Multi-Housing Group continues to be the market leader in Orlando.
For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.
Shelton Granade, Senior Vice President, T 407.839.3103, shelton.granade@cbre.com
Luke Wickham, Director of Operations, T 407.839.3130, luke.wickham@cbre.com
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