Transaction marks the largest multifamily sale in Kissimmee YTD despite initial slow market activity
Kissimmee, Fla. – Avison Young’s Capital Markets Group completed the $14.28 million sale of Hapimag Orlando Lake Berkley Resort, a boutique residential community comprised of 100 townhomes at 1010 Park Ridge Circle in Kissimmee, Florida, and two houses in the adjacent single-family community of Lake Berkley Resort Villas. The transaction represents the largest multifamily sale in Kissimmee, year-to-date.
Avison Young Senior Vice President Rosendo Caveiro exclusively represented the European-based seller during the sale. Richard Barthelemy of Aleph International Realty represented the buyer, SAR Apartment Capital, LLC.
“Hapimag Resort has operated as vacation rentals, but unlike in traditional multifamily properties, the units can serve as short-term rentals or be sold to private indivudals,” said Caveiro. ”Despite challenging market conditions during the pandemic, which significantly impacted the tourism industry, we were able to garner a high level of investor interest and ultimately pinpoint the right buyer who was attracted to the property’s proximity to the area’s theme parks, excellent community conditions, and the investment flexibility.”
Built in 2002, Hapimag Resort features 102 units comprised of 100 two-story townhomes and two single-family homes situated in the Kissimmee/Orlando theme park corridor of Central Florida. Units were in move-in condition, furnished and with fully-equipped kitchens, and a full-size washer and dryer. Hapimag’s supreme location is proximate to the most popular theme parks in Central Florida such as Walt Disney World, Sea World, Wide World of Sports, and dozens more, but also a short distance to major non-theme park employers, medical and retail centers.
The Kissimmee/Orlando market is Florida’s main tourist destination. Historically, the metro area has had the highest annual job growth compared to all major markets in Florida, and one of the highest in the U.S. post-pandemic. Area employment is one of the highest in the nation, and future growth in housing and employment is projected as investors and developers eye opportunities.
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