TruAmerica Adds to FL Holdings With Fort Myers Buy
- Aug 11, 2017
TruAmerica Multifamily, in partnership with MSD Capital LP, has acquired Sienna at Vista Lake, a 640-unit multifamily community in Fort Myers, Fla. With this deal, TruAmerica’s Florida portfolio now totals 1,648 units with properties in Orlando, Boynton Beach and Fort Myers.
The 35-acre garden-style community at 3701 Winkler Ave. features 32 three-story residential buildings offering a mix of one- and two-bedroom units. Common amenities include two resident clubhouses, each with its own swimming pool, spa and fitness center; dog park; basketball court; tennis court; sand volleyball court; and scenic lakeside jogging trail.
The buyer plans to undertake a multimillion-dollar value-add program that will include stainless steel kitchen appliances, new lighting, plumbing fixtures, countertops and cabinet fronts in the bathrooms and kitchens as well as hard-surface flooring throughout the units. New washers and dryers also will be installed in units that currently do not have them.
Improvements to the property also will include modest exterior upgrades to the landscaping, signage and lighting to improve the overall image of the property. Built in 1991 as two 320-unit communities on adjacent parcels, the properties were combined and rebranded as Sienna at Vista Lake in 2010.
“Sienna is a well-located property that has benefited from institutional ownership for nearly a decade,” said Matthew Ferrari, East Coast director of acquisitions for TruAmerica. “We were able to acquire the property at a significant discount to replacement cost in a market that’s demonstrating very strong multifamily fundamentals.”