CBRE Closes Legacy Parc Apartments in Orlando

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Legacy Parc, (top left photo) a 320-unit community in the Kissimmee area of the Orlando MSA.

Including the sale of Legacy Parc this month, CBRE’s Central Florida Multi-Housing Group has closed approximately $100 million in apartment transactions in Central Florida this year.

Shelton Granade (bottom left photo)  and Luke Wickham (bottom right photo)  of CBRE’s Orlando office have exclusively represented the sellers in all transactions.

Completed in 1989, Legacy Parc was purchased for condo conversion in 2005, and was foreclosed on by the lender earlier this year. CBRE represented the lender in the bulk sale of the remaining 185 units.

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 like Legacy Parc –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 the Central Florida Multi-Housing Group of CB Richard Ellis.

Contacts:
Shelton Granade, T 407.839.3103, shelton.granade@cbre.com

Luke Wickham, T 407.839.3130, luke.wickham@cbre.co