By Dees Stribling, Contributing Editor
An Investcorp-TruAmerica Multifamily joint venture has acquired a 708-unit, two-property apartment portfolio in Orlando for $98 million. The deal involved the 360-unit Montevista at Windermere and the 348-unit Highpoint Club.
Both Montevista and Highpoint are less than 10 miles from downtown Orlando. Each community features a mix of one- and two-bedroom units, and such amenities as a resort-style pool, resident clubhouse, dog park and fitness center.
The JV plans an extensive value-add renovation program for both properties that will include adding faux wood vinyl flooring, upgraded countertops, new cabinet fronts, light fixtures and microwaves. Common area upgrades will be to the fitness centers, clubhouses, signage and landscaping, and the new owners will put new paint on all building exteriors.
The sale marks TruAmerica’s entry into the Southeast property markets. Los Angeles-based TruAmerica, one of the 50 largest multifamily owners in the United States, has been actively seeking investment opportunities in Florida since establishing an East Coast office in the fall of last year, according to Eastern U.S. director of acquisitions Matthew Ferrari.
“Investment sales in Florida have been much slower in the first half of the year, which has created a competitive market for quality assets,” said Ferrari. “We were able to acquire these properties in what was a very intense competition.”
The investment will benefit from seven-year floating rate agency debt financing arranged by Richard Jordan’s Atlanta-based CBRE team. The Orlando-based team of Shelton Granade, Luke Wickham and Justin Basquill, also with CBRE, marketed the property on behalf of the seller.