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Florida & Gulf Coast  + Central Florida  + Apartments  | 
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Franklin Street Completes $51M Sale of Orlando Multifam

Franklin Street has arranged the sale of the Castilian Apartments, a 304-unit multifamily community located five miles from downtown Orlando, for $51.2 million. The 1975-built property traded above its initial pricing guidance, reinforcing an unyielding investor appetite for Central Florida multifamily, says the company

Franklin Street’s Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese brokered both sides of the transaction on behalf of seller Dominium and buyer Laramar.

“The Orlando multifamily market is currently experiencing a sweet spot in terms of growth, as supply simply cannot keep up with the rate at which people are moving to the area, which is translating unprecedented rent growth,” said Kattan. “Ultimately, as long as current migration patterns continue – and we expect they will – Orlando will remain an extremely attractive market for multifamily investment.”

The Castilian is situated on nearly 15 acres on Rio Grande Ave. The 18 two-story, wood frame construction buildings were 96% occupied at sale.

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Inside The Story

Franklin Street’s Kattan

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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