Saturday, November 15, 2014

Smith Equities nNegotiates Sale of 29 Unit Apartment Community in Orlando, FL Area for $1.75 Million


Eastbrook Apartments, Eastbrook Boulevard, Winter Park, FL

ORLANDO, FL – Orlando-based Smith Equities Real Estate Investment Advisors “SEREIA” recently arranged the sale of an apartment community located east of Semoran Boulevard that serves the Winter Park, Florida market.

Eastbrook Apartments, built in 1968, is a 29 unit community located on the corner of Howell Branch Road and Eastbrook Boulevard in Winter Park. There are two buildings, one on each side of Eastbrook Boulevard. The property has some of the largest floor plans in the submarket with a good mix of 1 and 2 bedroom units.

R. Derek Smith
R. Derek Smith of Smith Equities was the exclusive listing broker for the seller.

“This property was in a situation where it was advantageous to hold on the market while working with the seller to reposition for a sale,” stated Mr. Smith.

“In working with the seller strategically, we were able to increase the NOI by over 30% in the course of a year. We are thrilled that we could facilitate a deal in which both the seller and purchaser got exactly what they wanted.”

The seller, Mr. Berry Long added: “Every month that passed the cash flow went up and so did the offers. Derek was tremendous to work with. No detail was too small for him to work on. His advice and guidance proved invaluable in this sale.”

Robert E. Smith
 “We are happy to continue a relationship with the seller that spans over 21 years, the seller has asked Smith Equities to help him locate a replacement property in Orlando,” said Robert E. Smith, CCIM, president and founder of Smith Equities Real Estate Investment Advisors.

This is the second time Smith Equities has brokered Eastbrook Apartments, having sold it originally to Mr. Long in 1998.

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

R. Derek Smith
407.422.0704, ext. 112


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