ORLANDO & TAMPA, Fla.--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) announced that the commercial real estate services firm has arranged the sale of a five-property portfolio totaling 1,011 apartment units located in Orlando and Tampa. The final sale price was $101.25 million.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the sellers, Amzak Capital Management and The Focus Group, in the transaction. DASMEN Residential, a privately held real estate investment and management firm that owns and operates multifamily properties in major cities throughout the United States, acquired the properties.
“The portfolio offered a rare opportunity to acquire a critical mass of five value-add communities in the I-4 Corridor,” Donaldson said. “There was significant upside to further renovate the communities and fully stabilize the assets with a potential to add $3 million to the effective gross income once fully implemented.”
The sellers invested $9 million in recent capital expenditures and renovated approximately half of the units in the portfolio.
“Out-of-state investors are attracted to the explosive growth taking place in central Florida in almost all fundamental categories,” Meoli added. “One-off offerings in Florida generate a lot of interest but selling a portfolio boosted the buyer pool as many investors are looking to enter the Florida market, making the scale even more attractive.”
“We are excited for this portfolio acquisition in Orlando and Tampa,” said Michael Katz, CEO of DASMEN. “We are confident in our ability to significantly improve and add value to create a best-in-class living experience for the current and future residents of these communities. In addition, we believe that Orlando and Tampa will rebound post-COVID to be stronger than ever.”
DASMEN Residential entered Florida last year with the Orlando on the Lake apartment community, of which Donaldson and Meoli arranged the sale.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.