Las Palmas

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the exclusive offering of Las Palmas, a 250-unit value-add community in Altamonte Springs, FL. The property benefits from being located just off major arterial Interstate-4 and within a short commute of almost 280,000 jobs situated in nearby office parks and hospitals such as AdventHealth Altamonte Springs, 3.6M SF of retail including the regional driver, Altamonte Mall, as well as minutes from the largest regional employment hub of Downtown Orlando. The property has seen significant capital expenditures totaling over $7M during the course of current (~$2.9M) and prior ownership (~$4.5M) leaving little deferred maintenance while still providing upside in continuing strategic upgrades on 62% of the units to increase rents an additional $150/unit/mo. The property is being sold well below replacement cost and approximately 15% below the prior trade price in 2022 with attractive assumable agency debt in-place.