RK Properties Acquires MultiFamily In Apopka For $86.2M

The property involved in this transaction is a garden-style multifamily community known as Alta East Shore, located at 2423 Areca Palm Dr, Apopka, FL, 32703. The property features 285 units and was constructed in 2021. The transaction was valued at $86,200,000.00, reflecting its market positioning in the Apopka area.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $86,200,000.00
• Address: 2423 Areca Palm Dr, Apopka, FL, 32703
• Market: Apopka
• Seller's Representative: Matthew Wilcox-Berkadia
• Buyer: RK Properties

In this transaction, Berkadia was instrumental in the sale, with Brett Moss, Matt Wilcox, and Tyler Swidler representing the seller, Wood Partners. The sale is noteworthy given the anticipated economic growth in Apopka, particularly with developments such as the Wekiva Parkway project. The current occupancy rate in the Orlando metro area stands at 97.6%, with average rents increasing significantly year over year.