TruAmerica Expands FL Portfolio with $79M Buy
- Sep 13, 2018
TruAmerica Multifamily has acquired Solis at Winter Park, a Class B multifamily community in Orlando, Fla., for $79 million. The purchase of this property brings TruAmerica’s investment in Florida to nine assets totaling $500 million. The firm’s apartment portfolio totals more than 3,700 units, with more than 60 percent of those units located in the greater Orlando market. Winter Park most recently traded in September 2014 when BC Property Investments acquired it from Starwood Capital Group for $57.7 million, according to Yardi Matrix.
Located at 7502 Sun Key Blvd., Solis at Winter Park comprises 596 one- and two-bedroom units. Floorplans range from 602 to 1,030 square feet across 33 two-story buildings. According to Yardi Matrix, the community was 94 percent occupied as of July 2018. Interior features include ceiling fans, washer/dryers, oversized closets, vaulted ceilings, stainless steel appliances and ceramic tile bathrooms. Residents have access to amenities including:
- fitness center
- tennis, volleyball and basketball courts
- two swimming pools
- two spas
- fenced dog park
- three laundry facilities
- 1,200 parking spaces
- views of four man-made lakes
TruAmerica plans to renovate each of the units as leases expire. Upgrades will include the addition of faux-wood floors, cabinet fronts, green plumbing fixtures, stone countertops and modern lighting. Common area renovations will include upgrading both pool areas, the fitness center and the clubhouse, as well as adding new landscaping and exterior paint for improved curb appeal.
“While the property has benefited from strong institutional ownership over a 30-year period, we believe there is still plenty of renovation upside that can be captured through the implementation of a value-add program by our in-house asset and construction management teams,” Matthew Ferrari, senior managing director at TruAmerica Multifamily, told Multi-Housing News.
The firm is assuming a Freddie Mac fixed-rate loan and adding a supplemental loan arranged by Walker & Dunlop. CBRE Vice Chairman Shelton Granade, Senior Vice President Luke Wickham and Associate Justin Basquill marketed the asset on the behalf of the seller.
In March, TruAmerica Multifamily acquired Astor Park in Winter Springs, Fla., for $50 million. Prestwick Partners sold the 368-unit community in an off-market transaction.
Image courtesy of TruAmerica Multifamily