More Orlando Condos Means Fewer Orlando Apartments

On August 28th, the Orlando Park Central apartments officially went condo after the complex was purchased by RAK Acquisitions Corp., "an office developer with some 4.6 million square feet of office space."

RAK paid $151 million for Park Central, a 72 percent increase from the $88 million Bainbridge Cos. paid for the property a year ago. This huge investment only proves that there is still a lot of money to be made in converting apartments into Orlando condos.

RAK is investing an additional $15 million in renovations, making the $166 million project the largest conversion of Orlando condos recorded.

Each of these new Orlando condos will carry a price tage between $150,000 and $270,000, and residents will enjoy "five swimming pools, fitness center and in-door basketball, racquetball, sand volleyball and tennis courts, as well as private day spa, beauty salon and full-service restaurant and sports bar."

The conversion of these Orlando condos will knock 1,081 apartments out of the multi-family rental market, meaning about 10 percent of the local rental pool is being lost. This will surely lead to an increase in the cost of renting. "By the end of the year, the average rent for a two bedroom apartment in Orlando will be $802 per month, up from $747 last year."