The Real Deal Miami

Goldelm, Michaelson scoop up Orlando rentals for $19.4M

Deal was financed with a $15.52 million mortgage
April 01, 2017 01:00PM

The Park at Salerno

Chalk up another deal for the Florida multifamily frenzy.

Goldelm Apartments, in partnership with the Michaelson Real Estate Group, just closed on its purchase of an Orlando rental complex for $19.4 million.

Known as the Park at Salerno, the 200-unit property at 2100 South Conway Road fetched roughly $97,000 per apartment for the seller, an affiliate of investment group Blue Roc Premier Properties.

The closing marks an $8 million increase in value for the complex, which had sold for $11.4 million just three years prior, according to Orange County records.

Commercial brokerage Berkadia announced the deal Friday. The agents who worked on the sale include Cole Whitaker, Jason Stanton and Director Greg Rainey.

Whitaker said in the announcement that Goldelm is banking on strong job growth in Orlando over the following year to keep its investment healthy.

Rent in the complex ranges from $799 per month for a one-bedroom unit to $1,320 for three bedrooms. The community’s amenities include two pools, a lounge, clubhouse and a fitness center.

Salerno was built in the early 1970s on roughly 9.5 acres of land in Orlando’s Conway neighborhood, which sits about five miles east of the city’s downtown area.

County records show the purchase was financed with a $15.52 million balloon mortgage from Walker & Dunlop.

The Florida multifamily market has seen a plethora of investment sales over the past year, in part due to a surge of demand for apartments from first-time home buyers being priced out of the housing market.— Sean Stewart-Muniz