Sale closes on Central Florida apartments

Marcus & Millichap negotiated the sale of Jasmine at Maitland, a 324-unit apartment community in Maitland, Fla.

The value of the transaction was approximately $18.3 million.

Identities of the buyer and seller were not disclosed.

Built in 1984, Jasmine at Maitland is located at 6750 Woodlake Drive. The property has 258,480 square feet situated on 17 landscaped acres. The apartment community consists of 64 studio, 100 one-bedroom and 160 two-bedroom units ranging in size from 500 square feet to 978 square feet.

"The property has undergone significant exterior capital expenditures over the last 12 to 18 months, adding to its value and investor appeal," said Evan Kristol, a vice president of investments and a senior director of Marcus & Millichap's National Multi Housing Group

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide.

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