A joint venture between affiliates of Manhattan-based Bluerock Enhanced Multifamily Trust, Inc. and Waypoint Residential has recently acquired Enders Place at Baldwin Park for an undisclosed amount.
The joint venture acquired 198 unsold condominium units at the Enders Place multifamily community, units it plans on operating as apartment rentals. At closing, the property was 94 percent occupied by apartment tenants.
“With Enders Place, we were able to execute in a very short timeframe, buying the asset at a significant discount to inherent value,” says Jim Babb, chief investment officer for Bluerock Real Estate. “We were also able to secure favorable, non-recourse long term agency financing which should further enhance performance,” he adds.
Enders Place will be managed by Waypoint Management, a firm associated with Waypoint Residential—an established real estate investment company specializing in apartment properties throughout the mid-Atlantic and Southeast US.
Constructed in 2003, Enders Place spans approximately 232,147 square feet with an average unit size of 1,172 square feet. Units are spread across 29 two- and three-story buildings and feature amenities such as patios/balconies, crown molding, roman tubs, and European style cabinetry, among others.
Enders Place is one of several communities within the larger Baldwin Park development of Orlando. Pedestrian-friendly with 215 acres of park space, nature trails and amenities, Baldwin Park is a popular and award-winning, low- to medium-density planned community and is an example of New Urbanist design. The development, built in the early 2000s, also features high-end housing, top schools, quality shopping, restaurants and fitness facilities, all within three miles of Orlando’s Central Business District.
Image via http://www.endersplace.com/