Topaz Capital Group is continuing to expand its multifamily portfolio in Florida, acquiring a 256-unit community in Sanford, Fla. The company has purchased The Park at Topaz Riviera for $42.2 million from an undisclosed seller, Jaclyn Alvarado, creative marketing director for Topaz Capital Group, told Multi-Housing News. Topaz Capital Group made the acquisition with the help of a loan originated by Arbor Realty Trust’s Jared Stein, Alvarado also told MHN.
The Park at Topaz Riviera offers one- and two-bedroom units that have full-size washers and dryers, newly-upgraded kitchen and bathrooms, and patio or balconies with outside storage. The Class B+ community also offers a fitness center, pool, business center and tennis court.
Located at 401 W. Seminole Blvd., The Park at Topaz Riviera is located off Lake Monroe and is minutes away from the Central Florida Zoo, the Orlando Sanford International Airport, the Central Florida Regional Hospital and Fort Mellon Park. Alvarado told MHN that the community is 96 percent occupied.
Since The Park at Topaz Riviera was built in 1985, the new ownership has significant interior and exterior upgrades planned throughout the community, Alvarado told MHN. The company is also planning to deploy its “Topaz HQ Living Standards of Renovations,” which will give the community a more modern and open-air concept.
FOCUS ON CENTRAL AND NORTHERN FLORIDA
Topaz Capital Group’s acquisition of the Sanford community brings its total multifamily acquisition and development volume to more than $300 million. The company’s portfolio spans several states, including New York, New Jersey, Pennsylvania, Illinois and North Dakota, but is primarily concentrated in Florida. Its Florida portfolio includes communities in Jacksonville, as well as more recent additions in Lakeland and Melbourne.
Within the state of Florida, the company is also looking to deploy more than $200 million in investments within the next two years. Alvarado told MHN that Topaz Capital group is aiming to be the largest privately-held owner of multifamily garden-style and mid-rise 80s vintage or newer product throughout Florida within the next five years or so. At the moment, the company is primarily focusing on expanding its footprint in central and northern Florida, Alvarado told MHN.