$29 Million Central Florida Multifamily Asset Sold by IPA
Oct 19, 2016

WINTER PARK, Fla., Oct. 19, 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 Calibre Bend Apartments, a 212-unit luxury multifamily community in Winter Park, Florida. The $29 million sales price equates to $137,000 per unit.

“The property is an extensively renovated, impeccably maintained asset with a 25-year history of institutional ownership,” says Steve Witten, an executive director of IPA’s Northeast and Florida team.

“The acquisition provides new ownership with an immediate opportunity to add value to the ‘best-in-class’ asset in the submarket by implementing light interior upgrades,” adds Frank Carriera, first vice president investments.        

Witten and IPA executive director Victor Nolletti, along with Carriera and Michael Regan, first vice president investments, represented the seller and procured the buyer.

“The price per unit for this vintage asset can be attributed to the Orlando market’s strong fundamentals and the broad reach of IPA Northeast & Florida,” says Regan.

The property is situated on the south side of University Boulevard in one of Orange County’s highest demand rental locations at 3924 Calibre Bend Lane in Winter Park. Winter Park is a suburban city in Orange County that is part of the Orlando–Kissimmee–Sanford metropolitan statistical area. Full Sail University, Winter Park’s largest employer, is within walking distance. Other nearby employment and educational centers include downtown Winter Park, downtown Orlando, the University of Central Florida, Valencia College, and Central Florida Research Park. Orlando’s most desirable retail and shopping destination, the Park Avenue district in Winter Park, is also nearby.

Built in 1987, Calibre Bend Apartments’ community amenities include a designer-decorated clubhouse and leasing center, a business center, a resort-style swimming pool, a lighted tennis court and a car wash station. Apartments feature individual ground-floor entrances, built-in bookcases, full-size washers and dryers, and private, screened patios or balconies.