A 47-year-old apartment complex in metro Orlando sold Jan. 14 for $1.2 million over its listing price — the latest indication of the demand for multifamily properties in Central Florida.
The 304-unit Castilian Apartments, built in 1975, sold for $51.2 million on Jan. 14, or roughly $170,000 per unit, according to Darron Kattan, one of the brokers involved in the deal, and county records. Kattan said the listing price was $50 million. According to county records, the property last traded hands in March 2017 for $21.3 million.
The complex was bought by L-H Castilian Associates LLC, a subsidiary of Chicago-based Laramar Group. The seller was Orlando Leased Housing Associates IX LLLP, a subsidiary of Minnesota-based Dominium.
Kattan said the complex was on the market for about 30 days and its sale for more than its listing price is becoming increasingly common for multifamily properties.
“In the multifamily world, it could happen in tough neighborhoods, prime locations and everything in between. It’s being driven by a variety of factors, which is kind of a perfect storm — investment dollars are flooding into the Southeast, they’re flooding into multifamily, they’re flooding into Florida. Rents are growing like crazy.”