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Osceola County Developments

South Florida investors pay $20M for Kissimmee apartment complex

New landscaping, paint and signage helped raise the value of the 45-year-old apartment complex.

Miami flower importer Herbert Jordan is part of an investment group that paid $20 million on Jan. 24 for a 208-unit apartment complex just north of the Kissimmee Gateway Airport.

The Park at Sorrento complex, built in 1972, features a mix of garden-style and townhouse apartments on 15.6 acres. Property Manager Yudenia Wallace told GrowthSpotter the complex has a 98-percent occupancy rate. The new owners are keeping the current management team in place and aren't planning any immediate improvements, she said.

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This photo shows the same building before the exterior renovations.

Jordan is president of The Queen's Flowers, one of North America's largest growers and importers of fresh cut flowers, and has numerous multifamily and retail investments. Bruce Arinaga, director of acquisitions for Broad Reach Retail Partners LLC, is also a partner in the investment group.

Jordan and Arinaga sourced a $16 million loan from Walker & Dunlop to finance the purchase.

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Tampa-based Blue Roc Premier (BRP) and longtime partner Konover South sold the complex after acquiring it in 2012 for $5.4 million. BRP borrowed $6.55 million from BB&T to finance the purchase and renovations of the 45-year-old property.

BRP favors older properties built in the 1970s through 1990s, Class C communities they can bring up a level through better management and capital improvements.

The year-old company is a spin-off by multifamily investor Randy X. Ferrera from the company he formed seven years ago, Blue Rock Partners. It currently has six multifamily assets in the Orlando metro area.

Ferrera and his new company, which changed its name slightly in early January from Blue Rock Premier Properties, acquired control and management of a $700 million Florida apartment portfolio in 2016 from Blue Rock Partners, LLC. 

Last year, BRP sold three Orlando area apartment complexes for a combined $80.5 million. The firm was actively seeking more value-add properties in "B or B-plus neighborhoods," according to Charles Faramo, vice president of acquisitions.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.


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