Excerpted from Multihousing Pro Magazine story.
Franklin Street has brokered the sale of The Park at Vittoria, a 208-unit luxury apartment community located at 5224 Long Road in the Rosemont submarket of Orlando, Fla. The new owners have since renamed the property as The Isle Apartments and plan to make significant interior and exterior renovations and upgrades.
Darron Kattan, Zach Ames, Kevin Kelleher and Robert Goldfinger of Franklin Street’s Tampa multifamily investment sales team represented the local seller, FVP NKP Waterstone, LLC, and the Philadelphia, Pa.-based buyer, GO Orlando 4 LLC, in the $26.5 million transaction. The asset traded for $127,404 per unit, making it the highest per unit values ever sold in north Orlando’s Rosemont area.
“With the 10-year interest rate down near two percent and the lack of supply in the market, multifamily asset prices will continue to remain elevated through the end of the year,” said Kattan, managing director for Franklin Street. “Buyers continue to flock to Florida seeking workforce housing investment opportunities.”
Built in 1991, The Isle Apartments includes amenities such as a resort-style swimming pool, state-of-the-art fitness center, business center, and a community clubhouse with monthly resident events. Located in north Orlando, The Isles Apartments offers convenient access to popular restaurants and shopping, such as the Winter Park Village and Altamonte Mall.
About Franklin Street
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide.