Asia Capital Real Estate has picked up a five-property multifamily portfolio in Florida for $41 million. The investment includes the Palms at Cedar Trace (176 units), Palms at Sand Lakes (212 units), Palms at Ashley Oaks (130 units), Palms at Palisades (125 units) and Palms at Cortez (92 units). The entire multifamily portfolio represents nearly 620,000 sqf of rentable living space. The buyer received a $4.1 million loan by Fannie Mae for the Palms at Cortez property and a second loan of $22.4 million was granted for the remaining four properties. Frank Carriera and Michael Regan, of Marcus & Millichap’s Tampa office, represented the seller, The Focus Group, and procured the buyer.
“The portfolio was highly coveted and the bidding process was very competitive. With annual leveraged returns in the 12 percent to 14 percent range, it is clear that demand for Class B and Class C assets remains very strong in Central Florida,” said Frank Carriera, First VP of Investments in Marcus & Millichap’s Tampa office.
