By Joshua Ayers, Senior Editor
Orlando, Fla.—Continental Realty Advisors (CRA) has announced that Bonita Fountains Apartments in Orlando has been awarded Best Renovated Community in the Apartment Association of Greater Orlando’s 7th Annual Golden Key Awards on November 8.
The 560-unit community is owned by a CRA fund composed of high net worth individuals, which purchased the property in May 2013.
“The ownership is extremely pleased and proud to receive the award for Best Renovated Community from the Apartment Association of Greater Orlando,” CRA Fund Manager Paul Priebe tells MHN. “The team has done a great job in working hard to achieve the investment goals of the ownership.”
Bonita Fountains was constructed in two phases, the first of which included 424 units that were built in 1987. The second phase completed in 2000 and added another 136 units to the community. It is located on a currently non-operational golf course and is managed by HallKeen Management.
The latest improvements at Bonita entail the updating of all common amenity areas, which includes the clubhouse, fitness center and pool areas, as well as the addition of a new Wi-Fi business center. Other priorities include deferred maintenance of exterior buildings, such as exterior paint, new signage, a new centralized kids park, a dog park and other pool upgrades. Additionally, upgrades and enhancements to the community’s exterior lighting are planned.
Priebe says that 250 of the 560 units have already been renovated at an average cost of $5,000 per unit. He says that the upgrades have yielded a price increase of about $80 a month.
Since purchasing the property, the owners have already invested about $3.26 million in renovations on the said amenity areas, and the ownership plans to invest another $2.3 million more on the remaining units and other additional improvements.
“We saw the value in the ability to reposition the asset with a renovation plan by putting a serious amount of money in both deferred maintenance and interior renovation,” Priebe says.
Bonita Fountains is located at 5826 PGA Boulevard in Orlando’s Oak Ridge neighborhood. It offers residents convenient proximity to Interstate 4, U.S. Route 441 and Florida’s Turnpike, and is a short drive away from the Walt Disney World theme parks, Universal Studios and SeaWorld, as well as The Mall at Millennia and The Florida Mall.