TruAmerica Nabs Orlando Asset for $53M

McDowell Properties sold the 362-unit gated community. The new owner plans to renovate the building.

Central Park Apartments
Central Park Apartments

TruAmerica Multifamily has bought Central Park Apartments, a 362-unit gated community in the Altamonte Springs area of Orlando, Fla. Located at 525 One Center Blvd., McDowell Properties sold the asset for $52.7 million.

CBRE’s Capital Markets team of Shelton Granade, Kevin Geiger, Luke Wickham and Justin Basquill facilitated the sale on behalf of the seller. According to Yardi Matrix, the property was 97.2 percent occupied at the time of the sale.

Built in two phases between 1992 and 2000, the property features one-, two- and three-bedroom apartment units. The new owner is also planning to renovate the three-story building. Interior amenities include washers and dryers, fireplaces in the 1,352-square-foot units, microwaves, Wi-Fi, and individual air conditioning and electric heating.

Common-area amenities include:

  • controlled access
  • fitness center
  • business center
  • clubhouse
  • tennis court
  • volleyball court
  • swimming pool
  • 570 parking spaces

Retail-Heavy Location

Suitably located between the Maitland Center and Lake Mary/Heathrow office centers, the building is within five miles of more than 17 million square feet of retail space. Nearby shopping, dining and entertainment selections are accessible at the Uptown Altamonte mixed-use area, the 1.2 million-square-foot Altamonte Mall, and the Renaissance Centre retail cluster featuring Whole Foods and Starbucks Coffee. Cranes Roost Park is also located nearby.

“This transaction demonstrates the market’s continued hunger for value-add multifamily real estate deals in well-located pockets of the Orlando metro area,” said Granade, vice chairman at CBRE, in prepared remarks.

In another recent deal, TruAmerica Multifamily acquired Ashley Lake Park, an apartment community in Boynton Beach, Fla., for $49 million.

Image courtesy of Yardi Matrix