New Owners, New Name for Polos East at Waterford
- Jul 30, 2012
Advenir has recently added the Polos East at Waterford apartment community to its portfolio, following a $27.1 million transaction. The Aventura-based company–a provider of multifamily real estate investment and management services—has sealed the sale by changing the name of the 308-unit community to Advenir at Polos East.
Located in the upscale Waterford Lakes submarket of Orlando, Advenir at Polos East features 140 one-bedroom/one-bathroom units, 136 two-bedroom/two-bathroom units and 32 three-bedroom/two-bathroom units with rents averaging from $750 to $1,100 per month. The community is three miles south of the University of Central Florida, around the corner from the well-known Waterford Lakes Town Center, and a short commute to the Orlando International Airport.
“We were attracted to Advenir at Polos East because of the significant value to replacement cost, strong market fundamentals and clear value-add potential,” said Todd Linden, chief acquisition officer of Advenir about the property which was 94 percent leased at the time of purchase.
Advenir represented itself in the transaction, with Kevin Judd, Patrick Dufour and Matt Wilcox of ARA representing the seller, a national-based REIT.
The Advenir at Polos East purchase is part of the company’s strategy of acquiring stabilized income producing multifamily assets in markets that have exhibited—and are projecting—healthy economies, positive employment growth and in-migration. Advenir has acquired more than 2,300 multifamily units in the last year.
All around Orlando, deal flow is rising and conditions are ripe for additional apartment transactions; as lenders are competing for business and broadening the array of properties and locations they are willing to finance across Central Florida, the pool of prospective investors deepens as well. The following months may even bring additional sales as owners who have sufficient equity in their properties continue to weigh transactions amid the high level of investor interest, Marcus & Millichap reports.
Image via http://www.poloseastapartments.com/
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