InvestRes has secured $65.6 million acquisition financing for its purchase of two garden-style multifamily communities in Florida: Coral Pointe at the Forum in Fort Myers and East Pointe at Altamonte in Altamonte Springs. Walker & Dunlop arranged the structured loans on behalf of the buyer.
Vice Presidents Matthew Baldwin and Alison Williams led the financing team. For Coral Pointe at the Forum, a non-recourse, five-year bridge loan was structured. For East Pointe at Altamonte, a non-recourse, 10-year permanent refinance loan that included five years of interest-only payments was arranged.
Located at 3100 Champion Ring Road, the 252-unit Coral Pointe at the Forum offers one-, two- and three-bedroom floorplan options, ranging from 545 to 1,350 square feet. Completed in 2017, the property was purchased from Mosaic Development for $49.7 million, according to Yardi Matrix, and has a 92.9 percent occupancy as of September. Interior features include granite countertops in the kitchen and bathrooms, private balcony/patios, stainless steel appliances, washer/dryers, walk-in closets, shaker white cabinetry, wood-style plank flooring, kitchen island or peninsulas, and pantries. Common area amenities include:
- two gated paw parks
- fire pit
- outdoor social lounge
- pet washing station
- community-wide Wi-Fi
- fitness center with crossfit wall and group exercises
- pool with lounging deck
Located at 828 Orienta Ave., the 354-unit East Pointe at Altamonte offers studio, one- and two-bedroom units, ranging from 500 to 1,000 square feet. The property was constructed in two phases between 1973 to 1974, originally encompassing two separate communities named Altamonte Villas Apartments and Palms at Altamonte Springs Apartments. According to Yardi Matrix, in April 2017, Avesta Communities purchased both for $27.4 million from PRG Real Estate, and merged the two assets into East Pointe at Altamonte. The community was 91 percent occupied as of November. Apartment features include washer/dryer connections, walk-in closets, upgraded kitchens, screened porches, and newly renovated interiors. Residents have access to amenities such as:
- Amazon locker hub
- 24-hour emergency maintenance
- soccer court
- two park parks
- two community gardens
- two resort-style swimming pools
- 24-hour fitness center
- three clothes care centers
- barbecue/picnic areas
- resident center
Both communities benefit from Florida’s growth and strong economic performance. Due to its robust economy, favorable tax environment, and mild weather, migration into Florida continues to grow. The state’s population grew 17.7 percent from 2000 to 2010 and is expected to grow another 7.1 percent, approaching 22 million people by 2021.
Images courtesy of Walker & Dunlop