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| Justin Basquill |
Orlando, FL – CBRE’s Shelton
Granade, Luke Wickham, and Justin Basquill arranged the sale of Village Green, a 164-unit,
140,000-square-foot apartment community in the Altamonte Springs area of
Orlando.
Located at 112
Essex Avenue, the asset was acquired from Harbor Group International, LLC
by Insula Companies for $12.6 million. CBRE provided exclusive representation
to the seller in the transaction.
“Village Green’s high-demand and walkable location in
Seminole County helped garner significant interest in this offering.
“With upgraded units in the submarket achieving rent
premiums of $150 per month, Village Green is well positioned to benefit from an
improving market and realize higher rents through property enhancements,” said
Mr. Granade, Executive Vice President of CBRE Capital Markets, Multifamily.
Built in 1970, Village Green features two-story concrete
block buildings with two pools, two clubhouses, and a fitness center in a
highly desirable location in the Altamonte Springs area of the Orlando MSA.
 |
| Luke Wickham |
With an occupancy rate of 97% at closing, Village Green
is within walking distance of a Publix-anchored community shopping center,
Altamonte Mall, Crane’s Roost Park, and Florida Hospital Altamonte.
Granade and his Orlando-based multifamily team have executed
more than $2 billion in apartment transactions in Central Florida from 2013 to
date.
For a complete
copy of the company’s news release, please contact:
Elizabeth Cross
+1 305 428 6373 or
Daniel Jimenez
+1 407 839 3191
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