The Real Deal Miami

Upgraded Orando rentals sell for $118,000 per unit

Habor Group International sold the property for about $10 million more than it paid

April 09, 2016 12:30PM

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Verandahs at Hunt Club in Orlando

Verandahs at Hunt Club in Orlando

An upgraded rental apartment complex in Orlando sold for $24.8 million, about $10 million more than the seller paid in 2013.

The sale price for the 210-unit rental complex called Verandahs at Hunt Club, equated to about $118,000 per unit. Its occupancy rate is 95 percent.

Built in 1985, Verandahs at Hunt Club is a garden-style apartment development with 21 buildings on a 21-acre parcel. The one-, two- and three-bedroom floor plans average 1,185 square feet in size.

The seller, Harbor Group International, acquired Verandahs at Hunt Club in October 2013 as part of its purchase of a five-property rental apartment portfolio for $67.55 million. The individual price for Verandahs at Hunt Club was $14.75 million.

Norfolk, Virginia-based Harbor Group invested $3.9 million to upgrade the five properties and now has sold all five, including Verandahs at Hunt Club, for a total of $110 million.