186-unit property acquired by Miami-based Bayshore Investment Partners, CBRE arranges sale
Orlando, FL – April 28, 2017 – CBRE Group, Inc., has arranged the sale of Esplanade Apartments, a 186-unit Class A property in the infill Millenia area in Orlando, Florida. Bayshore Investment Partners bought the property. Located just five minutes from the downtown central business district and one mile from the Mall at Millenia at 5337 Esplanade Park Circle, the gated community features two- and three-bedroom apartments with high-end finishes. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill represented the seller in the transaction.
“Built in 2008, Esplanade presents new ownership with the compelling opportunity to purchase Class A product well below replacement cost in a high-demand location,” said Mr. Granade, vice chairman, CBRE Capital Markets. “The property was built as condominiums, but now operates as 100 percent rentals. Unit interiors boast condo-quality features such as 9-foot ceilings, gourmet kitchens, and granite counters.”
Amenities include a resort-style swimming pool, whirlpool spa, fitness center, summer kitchen, and lush landscaping and green space. The community was 96 percent occupied at the time of sale.
Mr. Granade and the CBRE multifamily team have closed five apartment sales in Central Florida in the last five weeks, including Esplanade, Middlebrook Farms, The Palms at Altamonte, Altamonte Villas, and Auvers Village. The team has executed nearly $300 million in 2017 thus far, and more than $7 billion in the last ten years.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.