A Philadelphia-based investment firm has spent $42.75 million to acquire the Bonita Fountains apartment community southwest of the Mall of Millenia.
GoldOller Real Estate Investments paid more than $76,000 per unit for the 560-unit community. Founder Richard Oller told GrowthSpotter the firm had been actively looking for multifamily product in the area.
"We're extremely bullish on the Orlando market," he said. "We have two beautiful properties in Altamonte Springs and another in Casselberry. We're consistently looking to expand our presence in Orlando."
Bonita Fountains is located on 36 acres about a mile southeast of the mall, at 5826 PGA Boulevard in the Oak Ridge neighborhood.
"The property is already well-positioned and it has a park-like setting," Oller said. "It just needs some TLC. We'll be providing capital to bring it up to more pristine condition."
He said GoldOller will be investing "millions" in the renovations that typically include new tile, flooring, kitchen cabinets, faucets, lighting and appliances. "Some of the units have already been done," he said. "We'll take about a third of the units and begin upgrading. We want to enhance the quality of life for our residents and our economic yield. It's a formula that has worked very well for us in the past."
The transaction was done through a special purpose vehicle owned and administered by Global Securitization Services, the same firm that is listed as the buyer.
Formed in 2008, by Oller and his parnter, Jeffery Goldstein, GoldOller owns and operates apartment communities in 17 States valued in excess of $1 billion, containing about 12,000 units,
Bonita Fountains was built in two phases, the first of which included 424 units that were completed in 1987. The second phase completed in 2000 added another 136 units to the community. It abuts the non-operational Eaglewood golf course.
The property underwent a $5.5 million renovation in 2014 that involved updating of all common amenity areas, which includes the clubhouse, fitness center and pool areas, as well as the addition of a new Wi-Fi business center. Other improvements included exterior paint, new signage, a new centralized kids park, a dog park and other pool upgrades.
A number of units were also renovated at a cost of about $5,000 per unit, according to Multi-Housing News. The project earned recognition as 2014's "Best Renovated Community" from the Apartment Association of Greater Orlando.