Barrington at Mirror Lake acquired for $74+ million
Orlando, FL – January 26, 2016 – CBRE Investment Properties arranged the sale of Barrington at Mirror Lake in the Apopka area of Orlando. The 740-unit gated community at 700 Post Lake Place was acquired from TIAA CREF by Cortland Partners for $74.65 million. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill provided exclusive representation to TIAA CREF.“This prime asset, which is one of the largest by unit count in the Orlando MSA, drew significant interest from value-add investors seeking to place large amounts of capital into a major deal. Additionally, the Altamonte/Maitland submarket is a highly desirable location because of its proximity to retail and major employers,” said Mr. Granade, a Vice Chairman with CBRE.
Completed in 1988, Barrington at Mirror Lake features community amenities that include award-winning landscaping, a resident activity center, business center, clubhouse, two pools, a lakeside boardwalk, fitness center, playground, sports courts, and sand volleyball. The property was 94% 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 2014 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.
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 2014 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.
