Origin Investments Closes Recap of Orlando Community

Rosehill Preserve. Image courtesy of Origins Investments.

Origin Investments has acquired an interest and closed on a recapitalization of a 396-unit residential community in Orlando, Fla. The company completed the recap, the terms of which were not released, with Duncan Hillsley Capital and GPC Truss.

Rosehill Preserve is located on 35 acres at 5870 Sundown Circle, about 6 miles from downtown Orlando. Built in 1984, the residential property is spread across 20 buildings and offers a mix of one- and two-bedroom units with an average size of 850 square feet. The community is currently 94.2 percent occupied, Yardi Matrix data shows.

Community amenities at the property include two swimming pools, a master clubhouse, resident lounge, fitness center, dog parks and pedestrian trails. The location offers easy access to major thoroughfares like state roads 436, 408 and 528 and is within a 15-minute drive of Orlando International Airport. Duncan Hillsley began a renovation campaign after acquiring the property in 2017 for $36.6 million. About 80 percent of the units have been renovated so far, according to the firm.

“When we first evaluated this opportunity at Rosehill Preserve, we were impressed by the caliber of work that our partners already had done to create a visually impactful asset with tremendous curb appeal,” Kyle Verhasselt, Assistant Vice President of Acquisitions at Origins, told Multi-Housing News. “It is consistent with what we typically do in a value-add multifamily investment. The recapitalization made tremendous sense knowing that there is still opportunity and upside potential, based on the property’s relation to its competitive set, without the risk of starting from square one.”

Last month, a joint venture of Origin and Sherman Associates broke ground on Aspire of Westminster, a 226-unit apartment community in Westminster, Colo. Origins provided $18 million in preferred equity for the project through an affiliated fund, Origin IncomePlus.