The Serrano acquired by McKinley, Inc. for $25.5 million
Orlando, FL – May 16, 2016 – CBRE Investment Properties arranged the sale of The Serrano, a 252-unit apartment community at 4860 Cypress Woods Drive, just ten minutes from downtown Orlando and near the Universal Orlando Resort and The Mall at Millenia. The property was acquired by McKinley, Inc. out of Ann Arbor, Michigan for $25.5 million. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill represented the seller in the transaction.“This well-located community presents new ownership with a compelling opportunity to upgrade interiors and amenities and drive rental revenues. This southwest Orlando submarket is an extremely high-demand rental pocket, and it was a very competitive bidding process,” said Mr. Granade, CBRE Vice Chairman.
Completed in 1990, The Serrano boasts new barrel-tile roofs, one of the largest fitness centers in its competitive set, and impressive drive-by visibility of approximately 40,000 cars per day. Upgraded units in the submarket generate rent premiums up to $125 per month. The Serrano is situated within a wooded conservation area in the southwest Orlando submarket, which is home to seven out of Orlando’s top ten employers, including Lockheed Martin, Walt Disney World, Darden Restaurants, Orlando Health, and Universal Orlando. The property was 94% occupied at the time of sale.
Mr. Granade and his Central Florida Multi-Housing team have executed more than $6 billion in apartment transactions in the Orlando area.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
