October 20, 2017
Los Angeles-based TruAmerica Multifamily acquired Arium Falcon Pines, a 300-unit apartment community in Orlando for $47.7 million. The property was purchased in joint venture with an institutional partner, and is part of an East Coast expansion strategy.
TruAmerica Multifamily’s Robert Hart says “The first step in our managed expansion was to focus on select East Coast growth markets where we could build scale and develop the necessary infrastructure to manage a growing regional portfolio.”
The property is being rebranded as Canterbury Cove, with planned upgrades to interiors. The gated, garden-style luxury apartment community is located at 10200 Falcon Pine Blvd. in East Orlando. It is made up of 13 two-and three-story concrete block residential buildings on a low-density 21-acre site.
CBRE represented the seller, a joint venture of the Carroll Organization and the Private Real Estate Group of Goldman Sachs Asset Management.
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