Michael Lopez Of RMR Residential Acquires 275-Unit Park Place Apartments In Oviedo For $62M

The property asset involved in the transaction is a 275-unit multifamily community located at 940 City Plaza Way in Oviedo, which has a sale price of $62,000,000. This community, formerly known as the Park Place apartments, is 94% leased and was constructed in 2015.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $62,000,000
• Units: 275
• Price Per Unit: $225,455
• Buyer: Michael Lopez - RMR Residential
• Seller: Gidi Cohen - CGI+ Real Estate Investments
• Broker: Chris Chadbourne - Walker & Dunlop

Michael Lopez of RMR Residential acquired the property with plans for renovations as part of its 11-property Orlando portfolio, while Gidi Cohen represented CGI+ Real Estate Investments as the seller. Walker & Dunlop’s Chris Chadbourne served as the broker representing the seller in this transaction.