Advertisement

TruAmerica pays $64M for Island Club Apartments near Valencia College

Another apartment complex in the greater Orlando area has been picked up by TruAmerica Multifamily.

According a deed recorded Monday in Orange County, TruAmerica paid $64 million for a 472-unit multifamily community at 1401 Kirkman Rd., called Island Club Apartments.

Advertisement

The Los Angeles-based investment firm, founded in 2013, entered the market about 20 months ago and has since been bullish in buying and renovating older, class-B apartment buildings in Florida.

TruAmerica managing director Matthew Ferrari said the deal mark's the company's seventh multifamily acquisition in Orlando. It has a total of 10 multifamily properties across the state. In September, it bought the Solis at Winter Park apartment complex along Goldenrod Road for $79 million.

The most recent apartment deal was sold by an entity tied to Aventura-based Elion Partners and members of the Sredni family.

The partners paid a total of $45 million for the two-parcel Island Club property in 2015. They're also active in Miami-Dade County, where they are teaming up with Rock Soffer of Turnberry Associates to bring a Trader Joe's to South Beach.

Built in 1990, Island Club consists of a mix of one-, two- and three-bedroom apartments with residents given access to a clubhouse, dog park, two pools and a fitness center.

The entrance of the rental community lies along S. Kirkman Rd., just east of Valencia College West. The apartment complex sold 95 percent occupied, and was put on the market around November.

Rents are currently around $1.12 per square foot, according to Ferrari. He said plans are in the work to bring rents up slightly. All apartments will get updates to the kitchens and baths, with common-area improvements planned as well, Ferrari said.

CBRE's Shelton Granade, Luke Wickham and Justin Basquill brokered the deal. CBRE's Brian Eisendrath represented TruAmerica in securing $44.8 million in financing from Freddie Mac.

Granade said CBRE received interest from many investors looking to close on a property near major employers like Valencia College and Universal Studios.

"It's in a major employment hub," Granade said, adding future wage growth is also expected for the area.

"With Universal adding jobs and recently announcing they're increasing their minimum wage, it's very encouraging and meaningful for the sub-market."

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

Advertisement
Advertisement