Franklin Street arranged the sale of CaSienna Apartments, a 160-unit, garden-style community located in southwest Orlando for $16.85 million. The sales price represents $105,312 per unit.
Robert Goldfinger, Darron Kattan, Kevin Kelleher, and Zachary Ames of Franklin Street represented the seller, SR Apartments, LLC, and the buyer, a partnership of multiple LLCs that formed a Tenant In Common structure, in the transaction.
“CaSienna offered the buyer an excellent value-add opportunity to invest in a stable asset with strong cash flow in the emerging market of Orlando,” said Kattan, managing director of multifamily investment sales for Franklin Street’s Tampa office. “The community’s long-term rental pool, high occupancy rates and easy access to local tourist attractions made it even more attractive for the investor.”
CaSienna Apartments, located at 5703 Stoneridge Court, is ideally situated near I-4 and the Florida Turnpike. Built in 1972 and 1973, the property consists of 16 one and two-story buildings comprised of concrete-block construction. The property features two swimming pools, a clubhouse, tennis courts, a playground and extra storage space for residents.