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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.
- ◦Sale/Acquisition
