Franklin Street announced the sale of Old Cheney and Abby for $1,400,000.
The properties are located at 5599 and 6031 Old Cheney Hwy in an Orange County submarket in Orlando, Fla. The Abby apartment community was built in 1972 and the Old Cheney was built two years later in 1974. Both communities are solid concrete block construction with flat roofs consisting of 13 buildings and 70 total apartment units. The properties are all located off of Semoran Blvd., State Road 436 and Colonial Drive, and Highway 50. They are within close proximity to Orlando International Airport, Walt Disney World, Universal Studios, Sea World, Wet ‘n Wild Orlando, and shopping and dining.
This sales price represents $20,000 per unit and $31.42 per square foot.
Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames – all of Franklin Street – represented the buyer, a local investor as well as the seller, a lender out of California.
“Because the property was vacant during the time of sale, the lender was eager to move the property quickly,” Kelleher said. “Within 30 days of listing the property for sale, we were able to procure 18 qualified offers and the selected offer had no contingences and a significant nonrefundable deposit.The market has clearly stabilized and we are forecasting heathy NOI growth for Florida multifamily over the next few years,” he added.
The two lender-owned properties were 100 percent vacant for four years prior to the sale going through foreclosure with multiple partners.