The Real Deal Miami

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
November 17, 2018 04:10PM

Azul Baldwin Park apartment complex in Orlando

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