Hong Kong Buyer Grabs Condos In Bulk

Dec 10, 2013 No Comments by

An all-cash foreign buyer has snapped up 38 condos in bulk at the Waterside at Cranes Roost in the Orlando suburb of Altamonte Springs. The units are 96% occupied.

CBRE exclusively represented the seller in the transaction. An all-cash foreign buyer from Sheung Wan, Hong Kong has taken possession.

“Foreign investors have strong confidence in the U.S. real estate market, particularly for assets in Orlando,” says CBRE first vice president Luke Wickham. CBRE’s Central Florida Multi-Housing Group has closed more than $646 million in the Orlando MSA so far in 2013.

Built in the early 1980s, Waterside at Cranes Roost is next to the Uptown Altamonte mixed-use development and the Altamonte Mall. That makes it convenient to shopping and dining options.

The condo development has visibility from Interstate 4 and more than 650 feet of frontage on Crane’s Roost Lake. Amenities include a clubhouse, lakefront views, two swimming pools, two lighted tennis courts, picnic area, laundry facilities, and a car care center.

Wickham, Shelton Granade, and Justin Basquill have closed more than $5 billion worth ofmultifamily transactions in the greater Orlando market. Wickham leads the group’s Private Capital assignments, with typical projects consisting of 150 units or fewer.

 

Source:  GlobeSt.

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Industry News, Multi-Family, NA
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