 |
| Falcon Pines Apartments, 10200 Falcon Pine Boulevard, East Orlando, FL |
 |
| Shelton Granade |
Orlando, FL, Dec. 4, 2013 – CBRE arranged the sale of Falcon Pines,
located in the maturing submarket of East Orlando at 10200 Falcon Pine
Boulevard, for $31.5 million.
The 300-unit gated
community was completed in 2006 and has a current occupancy of 92%. CBRE
exclusively represented the seller in the transaction.
The new buyer will implement a modest rehab to enhance rents.
“With rent growth in East Orlando expected to ‘outperform’ the
overall Orlando market, Falcon Pines is well positioned for strong
gains,” said Shelton Granade, CBRE Executive Vice President.
“Construction costs have been on the rise, so this offering provided the buyer with a unique
opportunity to acquire a luxury, concrete block community below replacement cost.”
 |
| Luke Wickham |
Falcon Pines is just minutes from the emerging Lake Nona
Medical City, the University of Central Florida, and the Quadrangle Office
Park, offering great exposure to the medical and professional growth coming to
those areas.
Shelton Granade, Luke Wickham, and Justin
Basquill are members of CBRE’s Central Florida Multi-Housing Group, and
have closed more than $5 billion worth of apartment transactions in greater
Orlando.
CBRE’s Central Florida Multi-Housing Group continues to be the
market leader, and has closed more than $678,000,000 in the Orlando MSA so far
in 2013.
For a complete copy of the company’s news release, please
contact:
Shelton D. Granade, Jr.,
Executive Vice President
CBRE | Investment Properties -
Multihousing
189 S. Orange Avenue, Suite
1900 | Orlando, FL 32801
T 407 839 3103 F 407 404 5001
No comments:
Post a Comment