Franklin Street negotiated the off-market sale of Wymore Grove Apartments, a 200-unit, multifamily complex located in the affluent Altamonte Springs submarket of Orlando for $17.9 million. The sales price represents $89,500 per unit.
Robert Goldfinger, Darron Kattan, Kevin Kelleher, and Zachary Ames of Franklin Street represented the locally-based seller, Wymore Grove Partnership, and the buyer, 360 Wymore ROI LP, an Israeli-based syndicator, in the transaction. The seller had owned the property since 1991.
“The owner held the asset for 27 years, which is unique with respect to Florida apartments, and we attracted heavy demand from multiple investors,” said Kattan, managing director of multifamily investment sales for Franklin Street’s Tampa office. “This transaction shows the continued strength of the Central Florida multifamily marketplace.”
Located at 360 Wymore Grove Road near I-4 and the Maitland Center, the complex was built in 1973. The property features a swimming pool, tennis courts and a fitness center. The new owner plans to begin an extensive capital improvement program to upgrade the property exterior, common areas and unit interiors.
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Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.