Franklin Street Brokers Sale Of 251-Unit Apartment Community For $14 Million

Sep 28, 2016 No Comments by

Franklin Street announced the sale of the 251-unit Misty Oaks multifamily community in Orlando for $14,056,000. The sale price represents $56,000 per unit and $113.33 per square foot.

Franklin Street’s Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger represented the seller.  The buyers are 1031 investors from out of state.

 

“Misty Oaks was an excellent opportunity for this out-of- area owner to establish a presence in Orlando,” said Darron Kattan, managing director at Franklin Street.  “The demographics of the overall economy are propelling rents and values tremendously in the older apartment communities.  With all one-bedroom units, the property provides a reasonably-priced option for a working force tenant base.”

There are 251 identical one-bedroom, one-bathroom apartments, all of which are 501 square feet. The property was 95 percent occupied at the time of sale. Approximately 50 percent of the units have undergone complete renovations and are achieving premium rent.

 

“As the economy continues its strong path in the nation, they say as many as 1,000 people move to the greater Orlando area every day,” Kattan said. “The effects of that growth hit every industry but multifamily housing rentals, in particular, will benefit by that tremendously, as the majority of those relocating people will rent when they first arrive. While the construction of apartments is happening, the absorption should still outpace that and the construction lending in banks is starting to slow down, which should keep overbuilding away for the time being.”

The property is located at 744 Spring West Circle just a few minutes off the East-West Expressway which provides easy access across central Florida from Daytona Beach to Tampa via I-4. The major employers in the area include Universal Studios, Islands of Adventure and Walt Disney World, all of which are in close proximity to the property.

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