Lake Mann Gardens Apartments Sold
16 Dec, 2011, Orlando, Fla.
Cushman and Wakefield of Florida, Inc. announced the sale of Lake Mann Gardens Apartments located in Orlando, Florida to Silver Lake Orlando, LLC.
Cushman & Wakefield's Multifamily team led by Senior Director Jay Ballard, Associate Director Ken Delvillar, CCIM and Associate Lindsey Pfaender represented the seller, Potomac Realty Capital in the deal which closed on November 30. Silver Lake Orlando, LLC paid $1.5 million or approximately $8,000 per unit. The Property was only 30 percent occupied at the time of the sale.
"The buyers were able to work through a number of hurdles to get the deal done," said Ken Delvillar. "It will be interesting to see the property change both in terms of curb appeal and performance in the near term."
Completed in 1974, Lake Mann Gardens is a concrete built 189-unit bank-owned asset located in the South Orlando submarket. The garden-style property is convenient to three major roadways: Interstate 4, East/West Expressway 408, and the Florida Turnpike.
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