Friday, August 9, 2013

CBRE Orlando Brokers $16 Million Sale of Legacy Parc in Kissimmee, FL

Legacy Parc apartments, Kissimmee, FL

Luke Wickham
ORLANDO, FL, August 8, 2013 -- CBRE is pleased to announce that it has sold 210 units at Legacy Parc in Kissimmee for $16,010,000. The community was built in 1990, and was purchased for condo conversion in 2005.

The majority of the units reverted to rentals, and the current buyer purchased 210 of the 320 apartments at the community. Luke Wickham, Shelton Granade, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Shelton Granade
Legacy Parc offers 1, 2, and 3 bedroom units averaging 1,001 SF, and an amenity package that includes a swimming pool, a fitness center, a children’s playground, two tennis courts, and a sand volleyball court. The 210 units were 98% occupied at closing.

 CBRE’s Central Florida Multi-Housing Group continues to be the market leader, and has closed more than $426,000,000 in the Orlando MSA thus far in 2013.

Justin T. Basquill
For further information, please contact:

Shelton Granade, Luke Wickham or Justin Basquill
Executive Vice President, First Vice President.  Director of Operations
T 407.839.3103,  T 407.839.3130,  T 407.839.3169

Licensed Real Estate Broker
189 S. Orange Avenue
Suite 1900

Orlando, FL 32801

Northeast Private Client Group Sells Four Bridgeport, CT Apartment Buildings for Combined Value of $4.635 Million

Kimberly Apartments, 140 Alice Street, Bridgewater, CT

BRIDGEPORT, CT,  Aug/  9, 2013 – Investment sales broker Northeast Private Client Group has announced the sale of four Bridgeport apartment properties:  140 Alice Street, 45 Wheeler Avenue, 155 Wayne Street and 840 Howard Avenue

Bradley Balletto
The four properties traded in three separate transactions during the month of July for a combined value of $4,635,000, representing a blended 9.5% capitalization rate on current Net Operating Income.

 Bradley Balletto, regional manager in the firm’s Bridgeport office, represented the individual sellers and buyers in the transactions.

 “These recent sales are indicative of the strong demand for value-add multifamily assets in southwestern Connecticut,” notes Balletto.  “It’s nice to see Bridgeport multifamily pushing $60,000 per unit in active trading.”

155 Wayne Street apartments
Bridgeport, CT

The properties at 140 Alice Street and 45 Wheeler Avenue, with a total of 46 apartment units, were purchased by Kimberly Apartments LLC and Sullivan Apartments LLC, comprising multiple prĂ­vate investors based in Connecticut and New Jersey.

 The seller was a Bridgeport-based investor who had owned and operated the properties for the past 15 years.  The transaction price of $2,750,000 equates to nearly $60,000 per unit.     

840 Howard Avenue Apartments
Bridgeport, CT

 The property at 155 Wayne Street, with a total of 20 units, was purchased by 155 Wayne Navcapman LLC, a Bridgeport based investment group for $975,000, which equates to $48,750 per unit.  The seller was a southern Connecticut multifamily operator looking to divest non-core assets. 

 The property at 840 Howard Avenue, with a total of 21 units, was purchased by Connecticut Realty Trust LLC, a Fairfield, CT- based investment Group, for $910,000 which equates to more than $43,000 per unit.  The seller was 840 Howard Navcapman LLC, a Bridgeport-based investor who had made significant improvements to the property since acquiring it in 2011.

Edward Jordan
 “The success of these transactions are proof positive of our commitment to relationship-based brokerage,” explains Edward Jordan, JD, CCIM, the firm’s managing director. “With our relationships and market expertise across the region, we identified the buyer best suited to these opportunities.”

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

Rick Leonard