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ORLANDO – June 28, 2017 – Berkadia today announced the sale of Avery Place Villas, a multifamily property in Orlando, Florida. Managing Director Cole Whitaker and Director Mary Beale completed the $25.05 million sale on behalf of the seller, Springfield, Massachusetts- based Aspen Square Management.
“Avery Place Villas was an attractive investment opportunity due to its central location between Downtown Orlando, Orlando International Airport, and east Orlando,” Whitaker said
Avery Place Villas feature one-, two- and three-bedroom floor plans. Units include washer and dryer connections, air conditioning and heating, kitchens with stainless steel appliances and dishwashers, vaulted ceilings and walk-in closets. Each unit’s outdoor space includes patios, porches, full yards with lawns and a barbeque area. Residents can also enjoy community features such as a courtyard, fitness center, pool, playground and tennis court.
Located at 5917 Mustang Place, the property is easily accessible via Curry Ford Rd., a major throughway affording a quick route to downtown Orlando. The Orlando market has exhibited strength during the first half of 2017. Job growth has contributed to the area’s thriving economy; professional and business services employment was the greatest contributor to overall job growth of 4.7 percent since January 2016. By March of this year, average rent was $1,166 per month and effective rent reached $1,155 per month, a 3.7 percent year-over-year increase.