The Palms at Magnolia Grove Apartments in Fern Park, FL has been acquired by Blue Roc Premier Properties for $25 million. Located at 2174 Sharp Court in the greater Orlando metro area, the 352 unit multifamily community traded for $74,000 per unit. The property will be rebranded The Park at Rialto II. and features include a dog park, sport court, business center, fitness center, picnic area, clubhouse and a pool. Marcus & Millichap represented the seller, San Diego, Calif.-based The Focus Group in the disposition.
“Multifamily assets of this vintage in the Casselberry/Winter Springs/Oviedo rental submarket experienced 13.4 percent year-over-year rent growth and two-bedroom units did even better with nearly 15 percent year-over-year rent growth,” wrote Michael Regan, Marcus & Millichap in a statement.
