An affiliate of Colorado Springs-based Goldelm Apartments paid $19.4 million on Thursday for the 200-unit Park at Salerno apartments in East Orlando, partnering on the purchase with a long-time minority stakeholder and property manager.
Located at 2100 S. Conway Road, the 9.5-acre property features 25 two-story apartment buildings dating to 1972. The purchase, recorded in Orange County on Friday, was divided between two investment LLC affiliates of Goldelm, and its CEO and founder Roderick Hubbard.
The seller, an affiliate of Tampa-based multifamily investor Blue Roc Premier (BRP), previously paid $11.4 million in July 2014.
Jacksonville-based The Michaelson Group, a multifamily owner-operator, manages Goldelm's properties in Florida and took over management of Park at Salerno this week.
Michaelson will hold a minority ownership stake in the property, it's ninth co-investment with Hubbard on multifamily in Greater Orlando.
Michaelson and Goldelm have partnered on multifamily properties in Florida for 21 years, and in the past year had closed on five apartment complex acquisitions in the Orlando area totaling 1,800 units, Michaelson's CEO Michael Moses told GrowthSpotter back in January.
Michaelson now has a management or ownership stake in 26 multifamily assets across Greater Orlando. The company currently has four more properties in the region under contract with different equity partners, Moses said.
A Fannie Mae mortgage worth $15.52 million was coordinated for the buyer by Walker & Dunlop.