Orlando Apartment Asset Trades For $7.7M

Oct 27, 2014 No Comments by

Marcus & Millichap announced the sale of Millennium Pointe, a 200-unit apartment property located in Orlando, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $7,000,000.

Still Hunter, III and Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Michael Donaldson, a vice president investments, and Nicholas Meoli, a senior associate in Marcus & Millichap’s Tampa office, represented the seller, Paul Beaullieu, a private investor from Lafayette, LA and the buyer, a limited liability company from Ormond Beach.

 

“Investor demand for Orlando multi-family assets remains keen, with well-priced assets typically generating multiple offers when brought to market.  We received remarkable interest on this opportunity to acquire a stabilized asset centrally located near Orlando’s major employment centers.  Millennium Pointe also has the largest floor plans in the submarket and recently underwent significant renovations,” says Donaldson.

Millennium Pointe is a 200-unit garden-style apartment community consisting of six two-story buildings.  The unit mix includes 60 one bedroom/one bathroom units, 110 two bedroom/one-and-one-half bathroom townhome units and 30 three bedroom/two-and-one-half bathroom townhome units.

Ideally situated just off South Rio Grande Avenue and less than one mile from South Orange Blossom Trail, two of the area’s major retail corridors, Millennium Pointe’s central location is convenient to transportation and employment.

The property is located at 4255 Barwood Drive in Orlando.

 

 

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Industry News, Multi-Family, NA
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