Rent growth driving area apartment sales

Metro Orlando bucked a national trend of declining apartment sales with historic sales numbers, according to Market Economist Alford.

The four-county region had $1.65 billion of multifamily sales during the first half of this year, marking the largest sales volume for the region during the first half of a year. Apartment sales increased 21 percent from the same period a year earlier, according to Alford. Nationally sales were down 34 percent for the group of apartments tracked by CoStar, which excludes properties with fewer than five units, senior-living complexes, affordable projects and vacation-home communities.

The growth in Orlando apartment sales comes amid rising rent prices, but Central Florida’s job and population growth have drawn investors who are not seeing the same kind of uptick in pricing elsewhere. The median asking rent for the second quarter in Orange, Seminole, Lake and Osceola counties was $1,202, with few concessions, according to CoStar.

“There has been flight out of New York and San Brian Francisco, which had negative or flat rent growth,” the economist said.

High-priced deals have helped push up the sales totals. One of the region’s biggest was the $105 million sale of 55 West on Church Street in downtown Orlando. In April, an affiliate of the purchased the high rise, which last sold for $71.5 million six years ago.

With more sales activity typically in the second half of the year, Alford said Metro Orlando could end 2017 with $3.5 billion in apartment sales.

which specializes in stabilizing and reselling properties, purchased Terraces at Lake Mary. The 284-unit, gated community at 1000 Regal Pointe Terrace sold for about $45 million, records show. The team of Shelton Granade, Luke Wickham and Justin Basquill represented seller

A Chicago-based group that specializes in ownership, operations and development of industrial space purchased a front-loaded distribution center and warehouse with 102,568 square feet on 5.4 acres at 55 Gills Drive, Orlando for $8 million.

purchased the fully occupied property near Florida’s Turnpike, with Richard Prokup and Brad Kluever leading the transaction in affiliation with Rich Cavano of The law firm

added 18,107 square feet at 1901 Summit Tower Blvd, Maitland. The firm continues to occupy 35,000 square feet adjacent. CBRE’s Mike Phipps represented the tenant. Paul DeSario, of represented the landlord,

leased 9,753 square feet at Sanford Shopping Center, 2921 S. Orlando Drive, Sanford. The team of Alex Rowlinson and Troy Stevens negotiated the seasonal lease and a sales price of $149,500 for retail space at the center.