By Keith Loria
TruAmerica Multifamily has acquired Astor Park, a 368-unit community in Winter Springs, Fla., for $50 million from Prestwick Partners in an off-market transaction.
“Astor Park’s apartment interiors are in their original condition with tremendous opportunity to renovate and bring them to a modern finish level,” Matthew Ferrari, TruAmerica’s managing director, told MHN. “The property also boasts the ability to bring on an institutional property management company and utilize a revenue management system.”
Located at 4545 Willa Creek Drive, Astor Park was originally built in two phases between the years 1987 and 1999. It features a mix of one-, two- and three-bedroom units, with many remaining in its original condition.
Amenities at the property include a clubhouse, two pools and a fitness center.
Astor Park is walkable to retail including Publix and numerous retail within a neighborhood that boasts strong single-family home prices. It’s within 30 minutes of major job centers including Downtown Orlando, Lake Mary, Maitland and the Central Florida Research Park.
“The property was sourced on an off-market basis directly with the seller,” Ferrari said. “It is located in a first ring suburb around a major metro with strong demographic and employment drivers and a highly desirable school district. It aligns perfectly with our Class B suburban apartment strategy that we’ve been executing on for several years.”
TruAmerica will soon start a $4 million capital improvement program. According to Ferrari, the company plans to renovate both phases of the property with more modern finishes including stainless steel appliances, hard surface flooring, hard surfaced counter tops and “green up” plumbing and lighting fixtures.
“Additionally, we will renovate the pools, fitness center and clubhouse and improve overall curb appeal and landscaping,” he said.
Growing Florida Portfolio
The deal marks TruAmerica’s seventh investment in the state of Florida in the past nine months, upping its Sunshine State portfolio to more than 2,600 units. Currently, TruAmerica has more than 33,000 units under management throughout the United States.
“Robust multifamily fundamentals in Florida, especially in the greater Orlando metro where we have five assets, are very strong and job growth continues to lead the country,” Ferrari said. “While we will continue to build upon on our portfolio here, we are seeing similar demand drivers in select southeast markets in Georgia and the Carolinas where we are pursuing other value add opportunities.”