By Keith Loria
A joint venture between TruAmerica Multifamily and a new institutional partner has acquired Arium Falcon Pines, a 300-unit gated, garden-style luxury apartment community in Orlando, Fla., for $47.7 million, from a joint venture of the Carroll Organization and Goldman Sachs Asset Management.
CBRE marketed the property on behalf of the seller. The community will be renamed TruAmerica as Canterbury Cove.
“The property is located in a solid submarket between several major employment centers with strong highway access and has been institutionally maintained for a decade,” Matt Ferrari, TruAmerica’s director, who heads the firm’s acquisition efforts on the East Coast, told MHN. “The asset is of concrete block construction with the opportunity to renovate apartment interiors and implement a moderate exterior and amenity renovation program.”
Located at 10200 Falcon Pine Boulevard, TruAmerica as Canterbury Cove is comprised of 13 two- and three-story concrete block residential buildings on a 21-acre site. Units include a mix of one-, two- and three-bedroom homes with large floorplans and featuring washers and dryers, and walk-in closets.
Amenities include a lagoon-style swimming pool with an expansive sundeck, clubhouse, fitness studio, game room, business center and lounge area. There’s also a gourmet outdoor kitchen, playground, dog park walking trail and car care center.
With the sale complete, TruAmerica is undergoing a multimillion dollar renovation program on the property, with a focus of updating all unit interiors. The renovations will include adding new stainless “faux” steel appliances, stone countertops with undermount sinks, new cabinet faces, hard-surface floor, tile backsplash and upgraded plumbing and lighting fixtures.
Additionally, the company will embark on several exterior upgrades, such as revamping landscaping, signage, lighting and exterior paint.
The community is the latest in a series of East Coast property acquisitions the company has made as part of its commitment to expand its multifamily investment platform.
“We target assets located in first and second ring suburbs around major metros with strong employment and demographic tailwinds,” Ferrari said. “Additionally, we look for assets where we can enhance value through a targeted renovation program.”
This marks TruAmerica’s fifth acquisition in the state of Florida in 2017 and third investment in the Orlando area.
“Orlando exhibits strong multifamily fundamentals and we see this positive momentum continuing over the foreseeable future,” Ferrari said. “Arium Falcon Pines is a prime example of our investment strategy to acquire quality value add apartment communities in first-ring submarkets near major U.S. metros in key East Coast and Western U.S. markets.”
The property sits between the Lake Nona Medical City submarket and the Waterford Lakes/Central Florida research park while also being proximate to Orlando International Airport and a reasonable commute to downtown Orlando. This provides residents with a reasonable commute to numerous employment centers while having the ability to reside in a tranquil suburban setting with strong schools.
The community is accessible from SR 417 and is within 15 miles of Lake Nona Medical Center, Central Florida Research Park and the University of Central Florida.
According to recent CBRE research, more than 60,000 people moved to Orlando in the past 12 months and the population is forecast to increase by 7.7 percent through 2021. Orlando has also charted No. 1 in the U.S. for year-over-year job growth for the past two years.