CBRE multihousing sales top $772M in Florida

ORLANDO ECB Richard Ellis (CBRE) reported that its Central Florida multihousing group sold 8,660 units for approximately $772 million in 2006.

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CBRE’s sales accounted for 42 percent of the $1.85 billion total apartment sales in metro Orlando. In terms of total dollars, 2006 was the second most active year for Central Florida apartment sales, trailing only 2005, which saw heavy action in the condo conversion market.

Apartment occupancy rates for 2006 were 96.8 percent and are projected to remain at 95 percent or higher throughout metro Orlando because of the strong job market. Research by CBRE indicates that 41,000 jobs were created in the region during the 12 months ending September 2006.

Interest in purchasing multihousing properties in metro Orlando continues to be strong because of growing demand for apartments as more new residents move into the region to fill those newly created jobs, CBRE says.

In addition, few new apartments are expected to be built in 2007 because of a lack of available land.