Q2 2012 Orlando, Florida Apartment Property Sales Analysis

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Q2 2012 Orlando, Florida Apartment Property Sales Analysis


Seven of the eight apartment sales meeting Reis’ criteria that were completed through the first half of 2012 occurred during the second quarter. For the $117.9 million exchanged during the quarter the average selling price and mean cap rate were $57,000 per unit and 6.6%. In the quarter’s largest sale, second largest in a year, IMT Capital LLC paid UBS Realty Investors LLC $35.55 million ($74,685 per unit) for the 13.0%-vacant, Class A, 476-unit Newport Colony property in Casselberry. The sale closed in May at a 5.5% cap rate.

Deals since the quarter ended include Advenir’s $27.1 million purchase of the 308-unit former Palos East at Waterford Lakes (now Advenir at Polos East), the Orlando Business Journal reported in late July. A “national-based REIT” was the seller. The apartments were 94.0% leased at sale date.