Franklin Street has arranged the sale of the Castilian Apartments, a 304-unit multifamily community located 5 miles from downtown Orlando, for $51.2 million. The 1975-built property traded above its initial pricing guidance, reinforcing an unyielding investor appetite for Central Florida multifamily.
Franklin Street’s Tampa-based Multifamily Investment Sales Team of Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese brokered both sides of the transaction. The seller was Dominium, a national multifamily development and management company, and the buyer is Chicago-based investment firm Laramar, which owns and manages over 30 multifamily communities throughout the U.S.
“The Orlando multifamily market is currently experiencing a sweet spot in terms of growth, as supply simply cannot keep up with the rate at which people are moving to the area, which is translating unprecedented rent growth,” said Kattan. “Ultimately, as long as current migration patterns continue – and we expect they will – Orlando will remain an extremely attractive market for multifamily investment.”
Ames added: “The Castilian’s central location and diverse unit mix will continue to make it an attractive option for renters, especially as record rent growth has made newer multifamily properties unaffordable for many. Laramar’s value-add strategy will help keep the property competitive, at more attainable rents than new construction.”
