Apartment complex sold near Orlando

Buyer eyes future condo conversion

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Marcus & Millichap brokered the sale of The Ashley of Spring Valley, a 260-unit apartment community in Altamonte Springs, Fla. Texas-based Altamonte Ashley LLC sold the complex to WK Ashley LLC for $20 million, which represents a price of $76,923 per unit. The property, built in 1974, is located at 693 South Wymore Road. It comprises 29 two-story, wood-frame buildings with pitched composition roofs, and was totally renovated a few years ago. The property offers one- and two-bedroom floor plans ranging in size from 620 square feet to 1,100 square feet, with an average unit size of 922 square feet. According to a press statement, WK Ashley intends to continue operating the property as a conventional apartment community with the possibility of converting it to condominiums in three to five years. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide. ...