ORLANDO: Marcus & Millichap, a leading commercial real estate brokerage firm, announced the sale of The Residences at Veranda Park, a mid-rise mixed-use property composed of 150 luxury apartments and 48,385 square feet of commercial space in the MetroWest neighborhood of Orlando, Florida.
The property sold for $45 million. The buyer is Westside Capital Group.
“Job opportunities, high quality of life and a favorable tax climate continue to attract workers and retirees to Orlando, creating favorable opportunities for apartment owners,” said Evan Kristol, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office.
“The Residences at Veranda Park is a fully stabilized turnkey asset with a strong value-add opportunity offering excellent prospects for revenue growth with targeted capital investment. The buyer was selected in late February and we worked through the complications caused by the effects of COVID-19 to close just as the first signs of the economy reopening began.” Kristol, Jason Hague, first vice president investments, and Duane Anderson, associate, represented the seller, a Canadian investment group.
Built in 2008 on 2.5 acres with immediate frontage on Hiawassee Road, the property is adjacent to the MetroWest Village shopping center and MetroWest Golf Club. There are over 10,000 businesses within a five-mile radius, 19,600,000 square feet of retail space within a 15-minute drive and nearly 70,000,000 square feet of office space nearby. The five-story property has one-, two- and three-bedroom units that average 1,239 square feet. Community amenities include two fitness centers and spas, extensive common areas, and a two-story parking garage with gated access.
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services.