Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Royal Isles, a 264-unit apartment community in Orlando, Florida.
“Royal Isles is an excellent value-add apartment community with significant room for revenue enhancement,” says Evan P. Kristol, executive managing director investments in Marcus & Millichap’s Fort Lauderdale office. “Consisting of mostly two- and three-bedroom apartments, the property gives new ownership a tremendous opportunity to increase the revenue stream.”
Kristol and Felipe Echarte, first vice president investments, represented the seller, a private owner based in Miami, and procured the buyer, a Washington, D.C.-based private investment company.
Built in 1974 on nearly 12 acres, Royal Isles is located near one of the largest crossroads in Orlando, the intersection of South Semoran Boulevard and the 408 East-West Expressway. Semoran Boulevard is a dense retail corridor that leads into the Orlando International Airport and the 408 Expressway directly connects to Orlando’s downtown business district and the University of Central Florida. The property consists of 19 two-story buildings and a standalone rental office. Common area amenities include telephone entry, a clubhouse with leasing offices and a fitness center, playground, and gated swimming pool with sundeck.
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.