Four-year-old Orlando apartment complex sells for $243,000 per unit
The 178-unit Azul Baldwin Park apartment complex, located about three miles from the central business district of Orlando, traded for $43.25 million
A four-year-old apartment complex in Orlando sold for about $243,000 per unit in a 1031 exchange.
California-based Palm Heights bought the 178-unit apartment complex from Jefferson Apartment Group for $43.25 million.
The Azul Baldwin Park apartment complex is at 4460 Lower Park Road in Orlando, about three miles from the city’s central business district.
Built in 2004 on a 4.04-acre site, Azul Baldwin Park is a LEED-certified property located next to Blue Jacket Park and less than a block from Lake Baldwin in Orlando’s Baldwin Park neighborhood.
Baldwin Park is home to 8,000 residents with an average household income of $155,000 and a 190,000-square-foot, Publix-anchored shopping center called Downtown Village Center.
The sale of Azul Baldwin Park “was for a 1031 exchange,” Peter Sherman, a Los Angeles-based principal of brokerage firm Avison Young, said in a prepared statement.
Sherman represented the buyer of the apartment complex together with Rosendo Caveiro, a Miami-based senior vice president of Avison Young.
Brokerage firm Walker & Dunlop represented the seller in the transaction. – Mike Seemuth