Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of The Alexander at Sabal Point, a newly constructed, 286-unit multifamily asset located in the Sabal Point community of Longwood, Florida.
Casey Babb, CCIM, and first vice president investments in Marcus & Millichap’s Tampa office, represented the buyer, a high net-worth family that was executing on a large 1031 exchange. The seller, Alexander Investments International, was represented by its president and CEO, Kyle Riva.
“Kyle and his team drew on their 35 years in the multifamily business to build this special property, which has one of the best amenity packages I’ve ever seen, and the buyer is ecstatic,” says Babb. “Orlando is one of the top-performing markets in the country in terms of job creation and this asset was built in a high-barrier suburban submarket on a former golf course, which provides a nice low-density feel. The property was approximately 52 percent leased and about 37 percent occupied at closing, but absorption is currently better than one lease per day on average so clearly, the community is being well received,” concludes Babb.
The Alexander at Sabal Point is located at 2700 Sabal Alexander Circle in Longwood on 27 acres within an A-rated Seminole School District and 2.5 miles from Interstate 4. Nearby employers include Keiser University, Faro Technologies Inc., Consulate Management Co. and Florida Hospital. The unit mix is 24 studios, 96 one-bedroom/one-bath units, 138 two-bedroom/two-bath apartments and 28 three-bedroom/one-bath units. All units feature vinyl wood plank flooring, stainless steel appliances, subway tile backsplashes and quartz countertops. Residents enjoy a plethora of amenities, including gated entry, private garages, a resort-style swimming pool, poolside cabanas and a putting green and bocce ball court.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.