Dealmaker: Cushman & Wakefield Arranges $101M Multifamily Property Sale

Cushman & Wakefield, Chicago, arranged the $101.25 million sale of a five-property portfolio totaling 1,011 apartment units in Orlando and Tampa, Fla.

Executive Managing Directors Mike Donaldson and Nick Meoli represented sellers Amzak Capital Management, Boca Raton, Fla., and The Focus Group, La Jolla, Calif., in the transaction. Privately held real estate investment firm Dasmen Residential LLC, Ramsey, N.J., acquired the properties.

“The portfolio offered a rare opportunity to acquire a critical mass of five value-add communities in the I-4 Corridor,” Donaldson said. He noted the sellers invested $9 million in recent capital expenditures and renovated nearly half of the units in the portfolio. “There was significant upside to further renovate the communities and fully stabilize the assets with a potential to add $3 million to the effective gross income once fully implemented,” he said.

Meoli said out-of-state investors are attracted to central Florida’s growth in nearly all fundamental categories. “One-off offerings in Florida generate a lot of interest, but selling a portfolio boosted the buyer pool as many investors are looking to enter the Florida market, making the scale even more attractive,” he said.

Dasmen Residential entered Florida last year with the Orlando on the Lake apartment community. Donaldson and Meoli arranged that acquisition as well.

“We believe that Orlando and Tampa will rebound post-COVID to be stronger than ever,” said Dasmen Residential CEO Michael Katz.