Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Latitude 28, a 354-unit multifamily asset located in Altamonte Springs, a suburb of Orlando, Florida. The property sold for $54.75 million.
“The sale of Latitude 28 is yet another example of new capital entering the Central Florida market,” said Shelton Granade, IPA executive managing director. “Investors see that the recovery is on firm footing, and that the growth prospects of Florida are extremely attractive.” Granade and IPA’s Luke Wickham and Justin Basquill, represented the seller, Lighthouse Group, and procured the New York-based buyer, The Aberly Group.
Latitude 28 is located at 850 Orienta Ave. in the northern portion of the Orlando MSA. The property consists of all two-story product with new roofs and exterior paint. Approximately 25 percent of the units were recently renovated by the seller, and new ownership intends to make further improvements to the interiors and amenities. Granade and the IPA team have closed more than $300 million in multifamily sales in Florida in just the last few weeks and have nearly $700 million under contract and in various stages of marketing.