Friday, September 20, 2013

C&W Brokers Bulk Luxury Condominium Deal in Celebration, FL


Mirasol at Celebration, Celebration, FL

Jay Ballard
ORLANDO, FL— Cushman & Wakefield of Florida is pleased to announce its Orlando-based Multifamily Advisory Services team of Senior Director Jay Ballard, Associate Director Ken Delvillar and Associate Lindsey Pfaender recently closed a bulk condominium transaction at Mirasol at Celebration in Celebration, Florida.

Ken Delvillar
Cushman & Wakefield represented an unnamed financial institution in the sale of 163 luxury condominium units at Mirasol, a 210-unit, resort-style, Class A property in the Celebration master-planned community. 

The 163 units totaled 234,720 square feet for an average unit size of 1,440 square feet. The transaction was valued at $33,648,000 — or $206,430 per unit and $143 per square foot.

Lindsey Pfaender
Originally built as a rental community in 2002, Mirasol at Celebration was converted to condominiums in 2005 after being sold for a market-record $84 million ($402,000 per unit).

 The community was 98 percent occupied at the time of sale and provided purchaser Levin Realty Advisors, LLC with the opportunity to obtain the lion's share of local, for sale product.

"This asset represents the largest stock of available inventory for sale within the Celebration PUD," said Ballard. "Levin plans to manage the asset for retail sale over the next 24 to 36 months as the residential market continues to strengthen."

For a complete copy of the company’s news release, please contact:

David Meyer


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