Orlando, Fla.—Denver-based Continental Realty Advisors announced the sale of Bonita Fountains Apartments in Orlando, Fla. The 560-unit Class B asset was purchased back in May 2013 in a distressed condition. From there CRA substantially improved the exterior, interior and common area which led to the property winning an award for Best Renovated Community of the Year in 2014 and Best Curb Appeal in 2015.
CRA is an active investor nationwide with a specific focus in the southeast, Midwest and southwest. This disposition comes on the heels of the company’s latest acquisition in November of Turtle Creek, a 400-unit, Class A property in Las Vegas.
“We very much enjoyed our ownership of Bonita Fountains and appreciated the positive feedback from residents at the community and the overall industry in regard to the many property improvements that were made,” said David Snyder, chairman of CRA. “CRA is extremely proud of the success of this project which returned an IRR of 46 percent. This was a textbook example of CRA’s disciplined investment philosophy at work where we were able to identify a dislocation of value, implement excellent management and asset management strategies, renovate the property, and grow NOI by nearly 20 percent in 2.5 years, while improving the community and delivering a quality experience for residents and investors. ”