ORLANDO—Lender-owned apartments may be harder to find, but investors who find dig them out are finding value-added bargains. The latest examples are the Old Cheney and Abby apartment complexes, which just traded for $1.4 million.
The two lender-owned multifamily properties were 100% vacant for four years before the sale going through foreclosure with multiple partners. The sales price works out to $20,000 per unit and $31.42 per square foot.
Franklin Street’s Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames represented the buyer, a local investor. The group also represented the California-based lender.
“Because the property was vacant during the time of sale, the lender was eager to move the property quickly,” Kelleher tells GlobeSt.com. “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 healthy NOI growth for Florida multifamily over the next few years.”
The multifamily properties are located at 5599 and 6031 Old Cheney Highway in an Orange County submarket in Orlando. The Abby multifamily community was built in 1972. The Old Cheney was built two years later in 1974.
Both multifamily communities are solid concrete block construction with flat roofs, spanning 13 buildings and 70 total apartment units. The multifamily projects are located off of Semoran Boulevard, State Road 436 and Colonial Drive, and Highway 50. That puts them close to the Orlando International Airport, Walt Disney World, Universal Studios, Sea World, and Wet ‘n Wild Orlando.