CBRE Closes Multifamily Deal, Consolidates Market Leader Position

By Georgiana Mihaila, Associate Editor

CB Richard Ellis Central Florida Multi-Housing Group, now simply known as CBRE, recently closed its second successful sale of an Orlando multifamily property. At the beginning of last month, Shelton Granade Jr. and Luke Wickham of the CB Richard Ellis Central Florida Multi-Housing Group mediated the sale of a 304-unit apartment community in the Millenia area that commanded a sale price of $23.4 million, or $76,974 per unit; previous owner San Diego, Calif.-based Continental American Properties Ltd.’s Oakwood Orlando LLC had paid $15.2 million for the property in 2003, according to the Orlando Business Journal. The new owner of the 25-year-old complex is Karlin Oakwood LLC, an entity related to Karlin Asset Management Inc.

The most recent deal closed by Granade and Wickham is the sale of the Westlake Apartments in the Sanford submarket of Orlando that traded for $31.5 million, or $83,113 per unit. Built in 2000, the 379-unit Westlake Apartments in Sanford benefits from a full amenity package features two swimming pools, a fitness center, tennis courts, racquetball courts and a business center. At the time of the sale, the building was 94 percent occupied.

Buyer Westlake Sanford Associates LLC, an entity related to New York-based firm The Praedium Group LLC, secured a loan through CB Richard Ellis’s Debt and Equity Group for the purchase; seller Westlake Arbour LLC was represented exclusively by CBRE.

The two deals combined, CBRE’s Central Florida Multi-Housing Group closed multifamily transactions worth $54.9 million, consolidating their position of Central Florida’s market leader in multi-housing transactions so far this year, with a remarkable total of $315 million.