TruAmerica Makes 3rd FL Investment
The company purchased the metro Miami community from a joint venture of Robbins Electra and LEM Capital. It plans on making significant upgrades to all unit interiors as well as amenity spaces.
By IvyLee Rosario
Ashley Lake Park exterior
TruAmerica Multifamily acquired Ashley Lake Park, an apartment community in Boynton Beach, Fla., for $49 million. This marks the company’s third acquisition in Florida within the past 30 days. The property was sold on behalf of a joint venture between Robbins Electra and LEM Capital.
Located at 5020 Ashley Lake Drive, the 300-unit community features one-, two- and three-bedroom floorplans ranging from 554 to 1,322 square feet across 11 three-story buildings. Originally built in 1987, the community is currently 99.7 percent occupied, according to Yardi Matrix. Interior features include washers and dryers in each unit, vaulted ceilings, hardwood floors, ceramic tiled-bathrooms and private balconies. Residents have access to amenities such as a clubhouse with fitness center and internet cafe, outside storage, a dog park, picnic areas, two resort-style swimming pools, a spa, two laundry facilities, a waterscape, tennis court, basketball court, playground and 650 parking spaces.
Renovation Plan
Ashley Lake Park pool area
“Ashley Lake Park represented an opportunity to acquire a very functional and well-maintained property with unrealized potential in a market with strong apartment fundamentals,” said TruAmerica Director Matthew Ferrari, who leads the East Coast acquisition team. “Our plan is to completely renovate all unit interiors with upgraded appliances and finishes and make modest improvements to the pool, clubhouse and fitness center. When completed, Ashley Park will be a first-to-rent property in a market where job growth is outpacing the inventory of new rental housing.”
TruAmerica’s first two investments in Florida took place last month, when the company teamed with Investcorp to acquire a 708-unit, two-property portfolio in Orlando, Fla., for $98 million.
“Our long and consistent track record of getting every previous deal across the finish line allowed us to differentiate ourselves in this very competitive process,” Ferrari told Multi-Housing News. “We continue to seek both marketed and off-market opportunities throughout Florida, the Mid-Atlantic and the Northeast in locations with strong demand drivers and assets with renovation upside potential.”
The ARA Newmark team of Vice Chairmen Richard Donnellan and Marc de Baptiste, along with Executive Managing Directors Hampton Beebe and Avery Klann represented the seller. Mitch Clarfield of Berkeley Point Capital arranged the project financing through Freddie Mac’s Green Rewards program.
Images courtesy of TruAmerica and Yardi Matrix
