Thursday, September 27, 2012

CBRE Orlando Closes 400-Unit Multi-Housing Site in Celebration, FL

ORLANDO, FL -- CBRE is pleased to announce that it has
completed the sale of a multi-housing development site in Celebration, an upscale planned community in the Orlando MSA.

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction. The project will be the first multi-housing rental community built in the prestigious Celebration community since 2002.

Occupancy and rents at local rental properties have continued to improve. CBRE’s latest market report suggests that average apartment rents in Orlando will increase 4.1% in 2013 with occupancy reaching 94.6%.

While select projects are being approved and financed for construction, new multi-housing development in the metro area continues to be minimal with only 1,508 and 2,731 units slated for completion in 2012 and 2013. With a total rental pool of 191,394 units, those deliveries represent less than 1.5% of total supply in each year and less than 1/3 of the rentable completions delivered in peak years such as 2006 and 2007.

The closing was a market-leading 29th multi-housing transaction locally in 2012 year to date for CBRE.

 For further information, please contact the Central Florida Multi-
Housing Group of CBRE.

Shelton Granade
T 407.839.3103
Executive Vice President

Luke Wickham T
Director of Operations

Justin Basquill
T 407.839.3169

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