Central Florida apartments sell for $358,333 per unit
Home builder D.R. Horton sold 72 units at a 166-unit complex in Kissimmee originally built as condos
National home builder D.R. Horton sold 72 apartments at a residential complex in Central Florida for $358,333 per unit.
The apartments were 98 percent leased at the time of the $25.8 million sale.
D.R. Horton sold 43 percent of the units at the 166-unit Cane Island complex in Kissimmee to Los Angeles-based real estate investment firm CGI Strategies. Excluded from the sale were 94 units sold as condos in 2007.
D.R. Horton built Cane Island as a condo complex in 2007 on a 16-acre site at 5241 Cane Island Loop in Kissimmee.
Cane Island has two-, three- and four-bedroom units that range in size from 1,195 square feet to 1,560 square feet. Common-area amenities include gated entry, a clubhouse with a game room, a gym, sauna and swimming pool.
CGI Strategies plans property improvements at Cane Island that include updating the clubhouse and gym and adding a dog park, cabanas and outdoor cooking stations.
Including its Cane Island units, CGI Strategies now has a 526-unit portfolio of Orlando apartments.
Brokerage firm ARA represented D.R. Horton in the off-market transaction.
“Opportunities to acquire a 2007-vintage asset in this sub-market are extremely rare, and we were able to secure an aggressive offer from a qualified buyer prior to formally marketing the property,” Scott Ramey, a director of ARA, said in a prepared statement. — Mike Seemuth