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Multifamily investors eye Florida opportunities; Orlando continues to be an economic powerhouse
ORLANDO, Jan. 2, 2012 — On behalf of an institutional seller, Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the $32 million sale of Citrus Tower in Lake County, Florida. Centennial Holdings purchased the 336-unit, 37-building Class A portfolio, located in suburban Orlando.
Managing Directors Jubeen Vaghefi, Denny St. Romain and Jeff Morris led the Jones Lang LaSalle team on this closing.
“Multifamily demand in Lake County has exploded as the population growth has exceeded 9.4 percent per annum over the past 12 years. No new apartment units have come online in the last 10 quarters, driving vacancy down to a low 5.5 percent,” said St. Romain. “We’re seeing a seismic shift in the renting verse owning equation. Orlando ranked tenth on Forbes list of “Top 10 Next Big Boom Towns in the U.S.,” as the population growth is predicated to increase at more than 3.4 percent per year through 2017 driving a major need for core multifamily properties that will continue over the next five years.”
The 336-unit multifamily property was built in 2006, and sits on nearly 30 acres. Citrus Tower is located near the 13-lake Clermont Chain of Lakes. Community amenities include: a clubhouse, fitness center, resort-style pool and tennis courts. The community is less than 30 miles from Disney World and Downtown Orlando.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.
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About Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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