Pierpoint and The Groves acquired by GoldOller
Orlando, FL – July 22, 2016 – CBRE Institutional Properties arranged the sale of two value-add multi-housing properties encompassing a total of 381 units in Port Orange, Florida. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill arranged the sale of Pierpoint Apartment Homes and The Groves Apartment Homes on behalf a joint venture comprised of Och Ziff Real Estate, Cocke Finkelstein Investments, and Wharton Equity Partners. The assets were purchased by GoldOller Real Estate Investments out of Philadelphia."The sale of these two properties to a single buyer demonstrates the growing interest in the Volusia County area of Central Florida. These two properties are about 45 minutes from the Orlando MSA, and garnered very competitive bidding from investors seeking value-add yields in the emerging Daytona Beach marketplace,” said Mr. Granade, CBRE Vice Chairman.
The two communities enjoy a high-demand location situated within 15 minutes of Volusia County’s largest employers and emerging demand drivers, close to Halifax Medical Center and Florida Hospital Memorial Medical Center, and within easy reach of I-4 and I-95. With 209 units at 1010 Swallow Tail Drive, Pierpoint Apartment Homes features community amenities that include a pool, sundeck, business center, fitness center, and pet areas. The Groves, which has 172 units at 3780 S Clyde Morris Blvd., enjoys two pools, a clubhouse, fitness center, and gated electronic entry. Both properties were 94% occupied at closing.
Mr. Granade and the Central Florida Multi-Housing Group have executed more than $6.5 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.
