Aspen Square sells Cadence Crossing for $17.6 million
Orlando, FL – May 17, 2016 – CBRE Investment Properties arranged the sale of Cadence Crossing, a recently renovated 184-unit rental community with a prime location just minutes from two of Orlando, Florida’s biggest demand drivers, the Downtown Central Business District and Orlando International Airport. The property at 6203 Curry Ford Road was sold by Aspen Square to Capital Vision Management for $17.6 million. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill represented Aspen Square.“This is a great example of new capital flowing to Orlando. For their first multifamily purchase in Florida, Capital Vision Management was drawn to Cadence Crossing based on its high-demand location near both Orlando Health and one of the South’s busiest airports,” said Mr. Granade, CBRE Vice Chairman.
Built in 1973, Cadence Crossing is a two-story apartment property with a desirable low-density feel and exceptional drive-by visibility of nearly 34,000 cars daily. Tenants enjoy a convenient location within three miles of SR 436, SR 528, the 417, and the East/West Expressway (408).
The community also boasts the best amenities in its competitive set with a large resort-style pool and sun deck, a recently upgraded clubhouse, tennis court, picnic areas, playground, fitness center, and business center. Cadence Crossing was 95% occupied at closing.
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.
