TruAmerica, Oaktree Capital Refinance Sun Belt Portfolio for $225M
The properties were built between 2001 and 2017.
TruAmerica Multifamily and funds managed by Oaktree Capital Management have refinanced a four-property portfolio totaling 1,324 units in Florida and Arizona with a $225.3 million loan arranged by JLL Capital Markets.
The five-year, floating-rate loan was secured through an undisclosed national bank by a JLL Capital Market’s Debt Advisory team. The group was led by President Kevin Mackenzie and Managing Directors Annie Rice and Brandon Smith.
Noting that it was a testament to the current liquidity in the debt markets and the strength of the sponsors, JLL received numerous quotes with various execution options. The final terms include a competitive spread, full-term interest only with flexible prepayment provisions that will enable the owners to continue value-add initiatives across the portfolio.
The portfolio encompasses four properties built between 2001 and 2017 and includes a fractured condo development – Arbors at Carrollwood in Tampa, Fla. The remaining Class A properties are Audubon Park and Alcove Orlando, both in Orlando, Fla., alongside Luxe Scottsdale in Scottsdale, Ariz.
The Orlando and Scottsdale properties were acquired by TruAmerica and funds managed by Oaktree Capital Management in July 2022 in a $287.9 million portfolio transaction for from Harbor Group International, according to Yardi Matrix. The 449-unit Audubon Park, then called Linden Audubon Park, sold for approximately $113.5 million. The 314-unit Alcove Apartments, known as Linden Crossroads, sold for $71.2 million and the 218-Luxe Scottsdale Apartments was acquired for approximately $103.3 million.
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Arbors at Carrollwood, previously known as Arbors at Carrollwood Spring, was acquired by TruAmerica in August 2022 from Robbins Property Associates for $99.8 million, according to Yardi Matrix. The same source noted that Robbins Property Associated had purchased 311 of the rental units for $52.3 million in June 2019 from ResProp Management and several months later acquired three additional apartments in the community.
Previous loans on the properties included a loan for approximately $125.4 million for Alcove Apartments and Audubon Park originated by TIAA in July 2022, in addition to a $51.9 million loan for Luxe Scottsdale originated by TIAA in July 2022, Yardi Matrix data shows. The same source reported Arbors at Carrollwood had a $64.1 million loan originated in August of 2022 by Santander Bank due to mature this August.
Audubon Park details
The largest of the properties refinanced is Audubon Park, located at 990 Warehouse Road in Orlando. Built in 2017, the property has occupancy rate of 95.3 percent, according to Yardi Matrix. The community has 12 three-to-four-story buildings spread across nearly 19 acres, and one-, two- and three-bedroom floorplans ranging in size from 646 square feet to 1,781 square feet, with an average of 1,026 square feet. Rents range from $1,651 to $3,652, with an average of $2,036, according to Yardi Matrix.
JLL noted that the property has townhomes with direct-access garages. The property has 795 parking spaces. Amenities at Audubon Park include a fitness center, clubhouse, two pools, a spa and a playground.
Alcove Orlando highlights
Located at 7261 Crossroads Garden Drive, Alcove Orlando has four three-to-four story buildings situated on 12.7 acres. The community was completed in 2016 and is 93.9 percent occupied. Alcove Orlando offers contemporary units, including studios to three-bedrooms with premium features ranging in size from 634 to 1,329 square feet, with an average of 869 square feet. Rents range from $1,666 to $2,362, with an average of $1,774, according to Yardi Matrix.
A fitness center, business center, clubhouse, pool, electric charging stations and 356 parking spaces comprise the community’s amenities.
Luxe Scottsdale details
Completed in 2015, Luxe Scottsdale is located on 5.6 acres at 8444 East Indian School Road in the city’s Old Town. The property has occupancy rate of 94.5 percent across its one-, two- and three-bedroom units with upscale finishes ranging in size from 656 to 1,457 square feet. Rents range from $1,769 to $2,706 with an average of $1,937, Yardi Matrix data shows. Luxe Scottsdale has a fitness center, clubhouse, pool, spa and 319 parking spaces.
Arbors at Carrollwood features
Located at 3939 Erlich Road in Tampa, Arbors at Carrollwood was completed in 2001. The property, which has more than 70 condominium units, has 22 three-story buildings across 44 acres. Floorplans range in size from one-, two- and three-bedrooms, and are between 715 to 1,325 square feet. Rents range from $1,616 to $2,760, according to Yardi Matrix.
The community has a fitness center, business center, clubhouse, pool, spa, tennis and pickleball court and two laundry facilities. There are approximately 950 parking spaces.
