Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of a five-property portfolio totaling 1,011 apartment units located in Orlando and Tampa. The final sale price was $101.25 million.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the sellers, Amzak Capital Management and The Focus Group, in the transaction. DASMEN Residential, a privately held real estate investment and management firm that owns and operates multifamily properties in major cities throughout the United States, acquired the properties.
“The portfolio offered a rare opportunity to acquire a critical mass of five value-add communities in the I-4 Corridor,” Donaldson said. “There was significant upside to further renovate the communities and fully stabilize the assets with a potential to add $3 million to the EGI once fully implemented.”
The properties in the sale included:
• Jasmine Terrace, a 319-unit apartment community located at 1250 Skipper Road in Tampa
• Laurel Crossings, a 112-unit apartment community located at 13101 Aarans Pond Drive in Tampa
• Addington Place, a 192-unit apartment community located at 4757 Silver Star Road in Orlando
• Oak Hill, a 200-unit apartment community located at 4500 Silver Star Road in Orlando
• Oakmont, a 188-unit apartment community located at 3024 S. Rio Grande Avenue in Orlando
The sellers invested $9 million in recent capital expenditures and renovated approximately half of the units in the portfolio.
“Out-of-state investors are attracted to the explosive growth taking place in central Florida in almost all fundamental categories,” Meoli added. “One-off offerings in Florida generate a lot of interest but selling a portfolio boosted the buyer pool as many investors are looking to enter the Florida market, making the scale even more attractive.”
“We are excited for this portfolio acquisition in Orlando and Tampa,” said Michael Katz, CEO of DASMEN. “We are confident in our ability to significantly improve and add value to create a best-in-class living experience for the current and future residents of these communities. In addition, we believe that Orlando and Tampa will rebound post-COVID to be stronger than ever.”
DASMEN Residential entered Florida last year with Orlando on the Lake, Donaldson and Meoli arranged the sale.