$44.5 Million Luxury Apartment Community Sold by IPA
Jul 07, 2016

ORLANDO, Fla., July 7, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Pine Harbour Apartments, a 366-unit luxury multifamily community in Orlando, Florida. The $44.5 million sales prices equates to nearly $121,585 per unit.

“Built in 1990, Pine Harbour offers a best-in-class amenity package, outstanding design features, scenic lake views from many of the apartments and excellent overall appeal,” says Steve Witten, an executive director of IPA’s Northeast and Florida team.

“The Orlando rental market is rewarding apartment owners who upgrade their units’ interiors,” add Still Hunter III, also an executive director of IPA’s Northeast and Florida team. “Pine Harbour’s previous owners updated many of the units though only 24 units have been fully upgraded. By completing the unit upgrade program, the new ownership has a tremendous opportunity to unlock significant additional value.”

Hunter, Witten and Victor Nolletti, also an executive director of IPA’s Northeast and Florida team, along with Evan Kristol, a Marcus & Millichap senior vice president investments, Francesco Carriera and Michael Regan, both Marcus & Millichap first vice presidents investments, represented the seller and procured the buyer.

The property is located at 10600 Bloomfield Drive in East Orlando with frontage along Florida State Road 408 and is proximate to many major transportation arteries. Residents benefit from a diversifying employment base, a robust variety of retail and entertain options and desirable public schools, all nearby.

Pine Harbour Apartments is a gated community with 18 buildings that include a 24-hour fitness center, indoor racquetball court and Wi-Fi-enabled clubhouse and business center.

The asset is composed of one-, two- and three-bedroom apartments. Units range in size from 622 square feet to 1,255 square feet.