CB Richard Ellis Brokers $16.7M Sale of Magnolia Grove Apartments in Metro Orlando

ORLANDO, FL--CB Richard Ellis is pleased to announce the $16.7 million sale of Magnolia Grove, (top right photo) a 352-unit apartment complex in the Maitland/Fern Park area of Orlando.

Completed in 1972, this garden-style community consists of one- and two-bedroom units that average 619 SF. Shelton Granade (bottom left photo) of CBRE’s Orlando office represented the seller in the transaction.

CBRE’s Central Florida Multi-Housing Group has sold more than 1,900 units in greater Orlando for over $163 million in 2008 thus far. Luke Wickham (bottom right photo) is Granade's partner on CBRE's Central Florida Multi-Housing Group.

The assets sold range from “value add” opportunities built in the 1970s and ‘80s to class “A” projects built within the last ten years. CBRE has also sold several “fractured” deals – communities that converted and sold units as condominiums and reverted the remaining units back to rentals.

CBRE’s Central Florida Multi-Housing Group has closed more multi-housing properties locally over the last twelve months than any other company, and continues to be the market leader in Orlando.

For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.

CONTACTS:

Shelton Granade Luke Wickham
First Vice President Director of Operations
Central Florida Multi-Housing Group Central Florida Multi-Housing Group
T 407.839.3103 T 407.839.3130
F 407.404.5001 F 407.404.5001
shelton.granade@cbre.com

Luke Wickham,

Director of Operations,

Central Florida Multi-Housing Group Central Florida Multi-Housing Group
T 407.839.3103 T 407.839.3130
F 407.404.5001 F 407.404.5001
luke.wickham@cbre.com

Licensed Real Estate Broker
189 S. Orange Avenue
Suite 1900
Orlando, FL 32801