Atlanta-based Cortland Partners has spent $74.65 million for the Barrington at Mirror Lake apartments in the Apopka submarket of Orlando. Completed in 1988, the 740 unit gated community at 700 Post Lake Place traded for just over $100,878 per unit. The property was 94% occupied at closing and features an activity and business center, two pools, a lakeside boardwalk and beach volleyball courts. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill provided exclusive representation to the seller TIAA CREF.
“This prime asset, which is one of the largest by unit count in the Orlando MSA, drew significant interest from value-add investors seeking to place large amounts of capital into a major deal. Additionally, the Altamonte/Maitland submarket is a highly desirable location because of its proximity to retail and major employers,” said Shelton Granade, a Vice Chairman with CBRE.
