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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Use code JULY4 at checkout & save $50 on your Connect Now Bundle!Get the deal×