- Mar 23, 2015
By Jessica Fiur, Senior Editor
Bonita Fountains Apartments, a market-rate multifamily community in Orlando, Fla., recently won Best Renovated Community for 2014 at the Apartment Association of Greater Orlando.
Continental Realty Advisors (CRA), the owner and developer of the community, is currently in the process of renovating the apartment asset, which has already resulted in increased rents. MHN looks at some of the important information regarding this multifamily makeover.
Give a brief description of the changes
268 units renovated. Interior renovation scope of work: new stainless steel appliances, sprayed countertops, painted cabinets, new lighting and plumbing fixtures, new faux wood vinyl in main living and wet areas, new carpet in bedrooms. Common areas that have been renovated include the clubhouse and leasing center, the fitness center, a new Wi-Fi business center, and improvements to the three pools.
Additional capital projects completed include:
• Upgraded pedestrian and automobilse access system (auto
transponders and resident key fobs)
• Landscaping: in front of clubhouse, leasing center and pool areas
• Exterior lighting enhancements throughout property
• New model furnishings
• Asphalt and concrete work
Why did you decide to renovate?
The investment plan was to take advantage of an improving rental market by providing a value option apartment community to prospective residents versus the newer more expensive rental properties in the Millennia submarket.
What challenges were encountered during this renovation?
This was CRA’s first owned property in Florida, so it took some time to develop quality working relationships with credible contractors and vendors.
What positives resulted from the renovation?
The “New Bonita” is now perceived in the marketplace as a high-quality, well-located apartment community that is attracting a higher income earning work force than had been seen in the past.
What is the date of original construction?
Phase I – 1986 with 424 units
Phase II – 2000 with 136 units
Date renovation started and date renovation
completed: June 2013; still in progress
Occupancy before and after renovation:
Before the renovation: 95 percent
Presently: 93 percent
Rent range before and after renovation:
Before: Average $690
Total cost of renovation:
$3.2 million spent; $1.6 million to be spent over the next 18 months
What is the square footage of the buildings?
483,047 rentable square feet
How many floors are there, and how many units per floor? What is the total number of units?
560 units in two- and three-story buildings over 34 buildings
Describe the range of unit styles/sizes (number of bedrooms, number of bathrooms, etc.):
252 one-bedroom/one-bath units; 292 two-bedroom/two-baths units; 16 three-bedroom/two-baths units
Who was involved on the renovation project team?
Asset Manager: CRA (Paul Priebe)
Property Management Team: HallKeen