Institutional Property Advisors (IPA), a division of brokerage Marcus & Millichap, announced the sale of a rental apartment property in Orlando for $121,585 per unit.
IPA announced that the 366-unit Pine Harbour Apartments in Orlando, built in 1990, sold for $44.5 million.
It is a gated, 18-building complex with a 24-hour fitness center, an indoor racquetball court, and a clubhouse and business center with Wi-Fi.
The one-, two- and three-bedroom units range in size from 622 square feet to 1,255 square feet.
The property’s location, 10600 Bloomfield Drive in eastern Orlando, is near a diverse employment center, a variety of retail stores and restaurants and public schools.
“Pine Harbour’s previous owners updated many of the units though only 24 units have been fully upgraded,” Still Hunter III, an executive director of IPA’s Northeast and Florida team, said in a prepared statement. “By completing the unit upgrade program, the new ownership has a tremendous opportunity to unlock significant additional value. … The Orlando rental market is rewarding apartment owners who upgrade their units’ interiors.”
Hunter and two other executive directors of IPA’s Northeast and Florida team, Victor Nolletti and Steve Witten, were part of a group that represented the seller of Pine Harbour and procured the buyer.