Institutional Property Advisors Negotiates 354-Unit Multifamily Asset Sale
ALTAMONTE SPRINGS, Fla., April 29, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Latitude 28, a 354-unit multifamily asset located in Altamonte Springs, a suburb of Orlando, Florida. The property sold for $54.75 million.
“The sale of Latitude 28 is yet another example of new capital entering the Central Florida market,” said Shelton Granade, IPA executive managing director. “Investors see that the recovery is on firm footing, and that the growth prospects of Florida are extremely attractive.” Granade and IPA’s Luke Wickham and Justin Basquill, represented the seller, Lighthouse Group, and procured the New York-based buyer, The Aberly Group.
Latitude 28 is located at 850 Orienta Ave. in the northern portion of the Orlando MSA. The property consists of all two-story product with new roofs and exterior paint. Approximately 25% of the units were recently renovated by the seller, and new ownership intends to make further improvements to the interiors and amenities. Granade and the IPA team have closed more than $300 million in multifamily sales in Florida in just the last few weeks and have nearly $700 million under contract and in various stages of marketing.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About O’Connor Capital Partners
O’Connor Capital Partners is a family owned real estate private equity and development firm with over $6.5 billion in assets under management including over 30 million feet of retail, office, and industrial space and over 15,000 apartments. The company is based in New York City with regional offices in Palm Beach, FL and Mexico City.