TruAmerica Nabs Orlando Community for $48M
- Oct 18, 2017
A joint venture of TruAmerica Multifamily and a new institutional partner has purchased Arium Falcon Pines, a 300-unit, gated, garden-style luxury apartment community in Orlando, for $47.7 million. The acquisition marks TruAmerica’s fifth transaction in Florida this year and third investment in the Orlando area.
“Orlando exhibits strong multifamily fundamentals and we see this positive momentum continuing over the foreseeable future,” said Matt Ferrari, director of acquisitions at TruAmerica, in prepared remarks. “Arium Falcon Pines is a prime example of our investment strategy to acquire quality value-add apartment communities in first ring submarkets near major U.S. metros in key East Coast and Western U.S. markets.”
Located at 10200 Falcon Pine Blvd., the property can be accessed from State Road 417. Large employment centers, such as Lake Nona Medical Center, Central Florida Research Park and the University of Florida are within 15 miles of Arium Falcon Pines.
Rebranding, renovation plans
The asset will be rebranded as Canterbury Cove and TruAmerica plans to complete multimillion-dollar interior renovation. Upgrades will include new stainless “faux” steel appliances, stone countertops with undermount sinks, new cabinet faces, hard-surface floor, tile backsplash and upgraded plumbing and lighting fixtures. Exterior upgrades will focus on landscaping, signage, lighting and exterior paint.
Community amenities include:
- lagoon-style swimming pool with an expansive sundeck
- fitness studio
- business center
- game room
- lounge area
- gourmet outdoor kitchen
- picnic and barbecue areas
- dog park
- car care center
The apartment community is made up of 13 two- and three-story concrete block residential buildings on a low-density, 21-acre site. The units are a mix of one-, two- and three-apartment homes with large floorplans. The average unit is 1,026 square feet. The apartments feature washers and dryers and walk-in closets.
CBRE marketed the property on behalf of the seller, a joint venture of the Carroll Organization and the private real estate group of Goldman Sachs Asset Management.
Image courtesy of TruAmerica