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

The Cane Island complex in Kissimmee
The Cane Island complex in Kissimmee

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.

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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

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