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
407.839.3130
Justin Basquill
Associate
T 407.839.3169
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