Sale Represents Central Florida’s Second Largest Multifamily Transaction in 2014
Orlando, FL – January 21, 2015 – (RealEstateRama) — CBRE Capital Markets arranged the sale of Sun Lake Apartment Homes, a 600-unit luxury apartment community in Lake Mary, Florida to Ecoventures Capital Fund, LLC for $66.25 million. Located at 420 Sun Lake Circle, the transaction is the second largest apartment complex sale in Greater Orlando in 2014.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill worked on behalf of Harbor Group International (HGI), a leading global private investment firm with a portfolio valued at approximately $4.2 billion. Sun Lake was acquired by an HGI affiliate in 2012.
“Sun Lake attracted very competitive bidding from several large investment groups that resulted in one of the year’s largest transactions in Orlando. The property has a unique location on Greenwood Lake in the prestigious Lake Mary neighborhood, and draws an excellent tenant base due to its proximity to retail, dining, and leading professional employers,” said Mr. Granade, Executive Vice President of CBRE Capital Markets, Multifamily.
Sun Lake is comprised of 26 two-and three-story residential buildings and a clubhouse with fitness and business centers. With more than $10 million in capital upgrades completed in recent years, this “best-in-class” asset was built in 1988 and was 96 percent occupied at closing.
Located across the street from Northpoint Office Park and just a few minutes from major employment centers such as the Primera and Lake Mary Heathrow Office Parks, the lakefront community features fishing, kayaking and paddle boarding from the property’s pier.
Granade, Wickham and Basquill have closed approximately $1.6 billion in multifamily sales in Central Florida from 2013 to date.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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