Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Linden on the GreeneWay, a three-story, garden-style, 234-unit multifamily asset in Orlando, Florida. The property sold for $63.5 million, which represents $271,368 per unit.
“The property’s strong occupancy, which was 97 percent at the time of the sale, is a testament to its appeal, and new ownership is likely to realize strong income gains through operational improvements and light cosmetic enhancements as Orlando emerges as one of the top rental markets in the country,” said Shelton Granade, IPA executive managing director. Granade and IPA’s Sean Williams, Luke Wickham, and Justin Basquill represented the seller, Harbor Group International, and procured the buyer, Cores Management.
The property’s location places it close to a 650-acre health and life sciences park, Lake Nona Medical City, the Orlando International Airport, and the master-planned Hunter’s Creek community. Nearby State Route 417 and Florida’s Turnpike connects residents to greater Orlando and 310,000-plus jobs within a 10-mile radius. Two SunRail commuter train stations, Meadow Woods and Tupperware, are a short drive away and there is a Publix Supermarket-anchored shopping center within walking distance.
Completed in 2017 on 12 acres, Linden on the GreeneWay has detached garages, a resort-style, zero-entry swimming pool, a two-story clubhouse, and water views. Apartment home interiors have nine-foot ceilings, full-size washers and dryers, private patios or balconies, and spacious floor plans. The average unit size is 941 square feet.