Done Deals: CBRE Orlando Closes Habor at Lake Howell Apartments in Casselberry, FL for $40 Million

Tuesday, March 4, 2014

CBRE Orlando Closes Habor at Lake Howell Apartments in Casselberry, FL for $40 Million

Harbor at Lake Howell Apartments, Casselberry, FL

Shelton Granade

ORLANDO, FL -- CBRE is pleased to announce that it has sold the Harbor at Lake Howell apartments in Casselberry for $40,000,000. This 408-unit rental community was built in 1991, and was 94% occupied at closing.

Shelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office exclusively represented the seller in the transaction.

Harbor at Lake Howell offers 1, 2, and 3 bedroom units averaging 1,065 SF with resort-style amenities including two swimming pools, a fitness center, and a tennis court. The property is located on a 450-acre recreational lake (Lake Howell), and features a private boat ramp on site.

Luke Wickham

The new owner, an owner/operator out of Atlanta, intends to implement a value add strategy to improve the property and increase the rents.

CBRE’s Central Florida Multi-Housing Group continues to be the market leader, and has closed more than $815,000,000 in the Orlando MSA in the last 14 months.