Calibre Bend Apartments, a 212-unit high-end multifamily property in Winter Park, was recently sold for $29 million, or approximately $137,000 per unit, under the guidance of California commercial real estate firm Marcus & Millichap.
The Calibre Bend Apartments complex is a luxury multifamily asset; its per-unit value was enhanced by the local Orlando market’s base strength, Michael Regan, Marcus & Millichap first vice president of investments, said. Regan called the site, built in 1987 at 3924 Calibre Bend Lane, a “vintage asset” in one of Orange County’s prime locations.
Marcus & Millichap, which handles commercial investment sales, said the sale was closed recently by its Institutional Property Advisors (IPA) division.
“The acquisition provides new ownership with an immediate opportunity to add value to a ‘best-in-class’ asset in the submarket by implementing light interior upgrades,” Frank Carriera, Marcus & Millichap first vice president of investments, said.
A team consisting of Carriera, Regan and IPA Executive Directors Victor Nolletti and Steve Witten represented the seller and found the buyer in conjunction with the transaction.
“The property is an extensively renovated, impeccably maintained asset with a 25-year history of institutional ownership,” Witten said.
The parcel’s common areas include a clubhouse, leasing center, pool, tennis court and car wash area. Apartment amenities feature built-in bookcases, private screened patios or balconies and full size washers and dryers.