A big-dollar trade of a 300-unit Lake Mary apartment community boasts one of the highest per-unit sale prices in Central Florida this year — and insight into how the market for multifamily properties may be evolving amid larger market forces.
The Helix at Lake Mary at 962 Bentstation Lane sold on Oct. 7 for $125.1 million, or roughly $417,000 per unit — making it one of just a handful of 2022 sales with a per-unit price of more than $400,000. The property has since been renamed IMT Lake Mary; the buyer was IMT Capital, a real estate investment firm based in the Los Angeles suburb of Sherman Oaks, California.
The $60 million complex opened in 2021; it was developed by Orlando-based Parkway Property Investments — a 2022 Golden 100, Central Florida's largest privately held, locally based companies — in a joint venture with New York-based Silverpeak Real Estate Partners.
Requests for comment from the buying and selling entities were not returned in time for publication.
The sellers were represented in the transaction by Chip Wooten and Jeff Gray of CBRE Group Inc. (NYSE: CBRE).
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