June 2, 2017
Los Angeles-based TruAmerica and joint-venture partner Investcorp acquired a 708-unit, two-property apartment portfolio in Orlando, FL for $98 million. The deal includes the 360-unit Montevista at Windermere and the 348-unit Highpoint Club, and marks TruAmerica’s entry into the Southeast.
TruAmerica’s Matthew Ferrari says, “Investment sales in Florida have been much slower in the first half of the year, which has created a frenetic and competitive market for quality assets.”
The institutional-quality assets feature a mix of one- and two-bedroom floor plans and amenities including a resort-style pool, resident clubhouse, dog park and fitness center. The new owners plan an extensive value-add renovation program across the portfolio.
A CBRE team, led by Richard Jordan, arranged the seven-year, floating rate, agency debt financing. CBRE’s Shelton Granade, Luke Wickham and Justin Basquill marketed the property on behalf of the seller, a JV between a local owner-operator and a Philadelphia-based multifamily investor.
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