February 12, 2019
TruAmerica Multifamily acquired Island Club, a 472-unit Class B apartment community in Orlando, FL from the Michaelson Group for $64 million. Built in 1990, Island Club is a gated property featuring a mix of one, two, and three-bedroom apartment homes situated on a low-density 42-acre site.
Located at 1401 S. Kirkman Rd. in the desirable Metro West submarket near Downtown Orlando, the property sits across the street from 26,000-student Valencia College. It is also near 35,000 jobs at Universal Orlando Resort and Orlando Heath Regional Medical Center.
TruAmerica’s Matthew Ferrari says, “We continue to look at opportunities and build upon our already significant presence in the greater Orlando area.”
The Island Club is TruAmerica’s seventh asset purchase in Orlando, and boosts the Los Angeles-based real estate investment firm’s Florida holdings to more than 4,200 units.
CBRE’s Shelton Granade, Luke Wickham and Justin Basquill represented the undisclosed seller. CBRE’s Brian Eisendrath arranged financing.
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