ORLANDO, FL--CB Richard Ellis is pleased to announce that its Multi-Housing Group has closed another apartment sale in Orlando, and has earned 75% market share locally in 2009 thus far.
Including the sale of Promenade Crossing this month, CBRE’s Central Florida Multi-Housing Group has closed nearly $89 million of the approximately $120 million in Orlando apartment transactions so far this year.
Shelton Granade and Luke Wickham exclusively represented the sellers.
Completed in 1997, Promenade Crossing is a 212-unit rental community across from the desirable Baldwin Park area of Orlando. The property was 95% occupied at closing, and CBRE generated substantial interest in the offering.
Multi-housing sales activity has continued to increase throughout the year. The other assets sold in Orlando 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 in 2009 than any other company, and continues to be the market leader in Orlando.
For further information, please contact:
For further information, please contact:
Shelton Granade, T 407 839 3103; F 407 404 5001; shelton.granade@cbre.com
Luke Wickham, T407 839 3130, mailto:Luke.wickham@cbre.com
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