TruAmerica Multifamily Pays $64M for Orlando Asset
- Feb 07, 2019
TruAmerica Multifamily has purchased a 472-unit apartment community in Orlando, Fla., from the Michaelson Group, for $64 million. The gated community, Island Club, was built in 1990 and is located 10 minutes from downtown.
Situated at 1401 Kirkman Road, the property offers a mix of one-, two- and three-bedroom units with an average size of 905 square feet. The community provides easy access to major thoroughfares including Florida’s Turnpike and Interstate 4.
Island Club is within minutes of major employers like Orlando Health Hospital and Universal Orlando Resort. A variety of shopping and dining options are in close proximity to the property, including Mall at Millenia.
Amenities at the community include a waterscape, fitness center, clubhouse, tennis court, volleyball court, swimming pools and 950 parking spaces.
A CBRE team of Shelton Granade, Luke Wickham and Justin Basquill represented the seller in the deal, while CBRE’s Brian Eisendrath provided the acquisition financing for the buyer.
“We had tremendous interest from the investor community,” said Granade in prepared remarks. “Coupled with strong market rent growth and modest common area enhancements, new ownership has the excellent opportunity to initiate a strategic program to maximize top-line revenue by updating older units with modern features and finishes.”
Last month, a joint venture between TruAmerica Multifamily and Tokyu Land US Corp. acquired two Atlanta communities for $127.35 million, in separate deals.
Image courtesy of CBRE