It's the company's 14th acquisition in Greater Orlando this year, with six more planned by year's end in what has become the company's new focal market, CEO Michael Moses told GrowthSpotter.
Built in 1989 and located at 6101 Westgate Dr., the property is about five miles north of Universal Orlando parks. Michaelson Group spent $63,690 per unit in the cash acquisition.
Landmark at Siena Springs underwent a multi-million dollar renovation over the past two years, and now has new kitchens and bathrooms in all the units, along with an updated light and hardware package, Moses said. Michaelson Group will begin light renovations to the exterior and roofing in the coming weeks and has already chosen contractors for the project, which he declined to name.
That acquisition follows Michaelson Group's purchase in September of the 472-unit Island Club Apartments at 1401 S. Kirkman Road. Considered the largest residential property in the MetroWest submarket, Island Club is now undergoing a multi-million dollar renovation. Michaelson Group paid $95,000 per unit, or $44.84 million, Moses said.
The company also bought the 343-unit Regency Oaks Apartments in Casselberry in August, where it paid $67,000 per unit, or $22.98 million overall.
Michaelson Group now owns and operates multi-family properties in six Florida counties, including 26 in the Greater Orlando area that range in size from 200 to 500 units. The company typically targets older communities built in the 1980s or early 1990s, in which it can invest to add value.
With 14 new acquisitions locally through the first 10 months of this year, Orlando has become a clear focal point for the investors behind Michaelson Group, which Moses says consist of seven different private equity capital partners that co-invest with him on new properties.
"I like the Orlando market, and my capital partners love it," he said. "We like the dynamic growth of Orlando and think it's an up-and-coming market with lots of new employment opportunities. We especially love the synergy of Universal Orlando's growth and opportunities in MetroWest."
Moses said his company has a few more deals under contract, and expects to close next week on the 234-unit Douglaston Villas in Altamonte Springs.
"That property is in very good shape," he said. "We're buying because of the positive medical growth in that submarket with a new hospital nearby. It's well-maintained, no immediate need for new investment."
The company is also pursuing deals on two more properties near Island Club, also on S. Kirkman Road in MetroWest.