New York-based real estate fund manager Praedium Group has sold a Maitland, Fla. apartment building for $31.5 million. Praedium owned the Howell Branch property in a joint venture with New York-based apartment operator Affirmative Equities Company. The sale price equals roughly $85,600 per unit. The property was 96% occupied at the time of sale to Florida-based General Real Estate Corporation. “We instituted a renovation program which included exterior capital improvements and renovations on all unit interiors,” says Mark Lippmann, vice president at Praedium. “Additional improvements included the conversion of 80 studio units to one-bedrooms. We were also able to increase physical occupancy through aggressive leasing efforts.”
This latest deal represents Praedium’s fourth transaction in Florida with Affirmative Equities Company.