CASSELBERRY, FL --Cushman & Wakefield of Florida, Inc. (C&W) is pleased to announce the sale of a 2-property multi-family portfolio.
GoldOller Real Estate bought the 336-unit Reflections Apartments (above centered photo) in Casselberry, Florida and 296-unit Ocean Oaks Apartments (top right photo) in Port Orange, Florida for $37.9 million, or $59,968 per unit for the 632 total units.
The buyer plans capital improvements such as upgraded fitness centers, redesigned clubhouses, and the addition of a business center.
Orlando Apartment Brokerage Senior Director Jay Ballard (middle left photo), along with Ken Delvillar (lower right photo), CCIM and Lindsey Pfaender represented the seller, Apartment Investment and Management Company (AIMCO), a Denver-based real estate investment trust.
“GoldOller has acquired several multifamily properties in the last 12 months in Central Florida, with a goal towards growing their presence in the state,” said Jay Ballard. “They’re a well capitalized, private buyer who will be able to maximize the property’s potential through their hands-on management and growing scale in the market.”
Marketed as two separate assets, the properties attracted multiple offers for both assets together, as well as individually. Both Ocean Oaks and Reflections have stable operations with occupancy approximately 90 percent at the time of sale. The blended cap rate based on trailing numbers is approximately 6.5 percent.
GoldOller Real Estate along with a New York-based private investment firm, was selected as the buyer for the portfolio and placed a new Freddie Mac loan on the property.
Contact:
Brook Hines
Marketing Associate
Cushman & Wakefield
800 N. Magnolia Avenue, Suite 450
Orlando, Florida 32803
Tel: 407-541-4401
