Amzak Capital Management and The Focus Group have sold a five-property portfolio totaling 1,011 apartment units located in Orlando and Tampa. The final sale price was $101.25 million.
"The portfolio offered a rare opportunity to acquire a critical mass of five value-add communities in the I-4 Corridor," said Mike Donaldson of Cushman & Wakefield, which represented the sellers. "There was significant upside to further renovate the communities and fully stabilize the assets with a potential to add $3 million to the effective gross income once fully implemented."
The new owner is DASMEN Residential, a privately held real estate investment and management firm that owns and operates multifamily properties in major cities throughout the United States, acquired the properties.
"We are excited for this portfolio acquisition in Orlando and Tampa," said Michael Katz, CEO of DASMEN. "We are confident in our ability to significantly improve and add value to create a bes
