Tampa-based multifamily investor American Landmark paid $69.767 million on Wednesday for a 432-unit property in Kissimmee, part of a four-asset portfolio deal totaling 1,212 units across three states.
Located at 3101 Segreto Lane, the former Bella Apartments date to 2010 and were 96 percent occupied at time of sale. The property was rebranded this week as The Aspect, and is now its third property in Greater Orlando.
The company saw value-add potential in the Bella property's below-market rents and the chance to upgrade apartment interiors, outdoor amenities and add facilities, Joe Lubeck, president and CEO of American Landmark told GrowthSpotter.
The owner-operator now has five multifamily properties in Greater Orlando totaling approximately 1,800 units.
American Landmark and debt-and-equity partner Electra America are selectively acquiring value-add properties across the Southeast. The company expects to spend $1.5 billion on new multifamily assets in 2018, adding to a portfolio that now has approximately 23,000 units in five states.
The other three assets acquired in the recent portfolio deal were located in South Carolina and Georgia, and total 780 units.
Looking forward, American Landmark is looking for more acquisition opportunities in Greater Orlando where it can upgrade apartments, amenities and customer service, Lubeck said.
The seller was Bella Property Owner LLC, an investment vehicle managed by international investment and advisory firm Macquarie Group Limited, which previously paid $60 million in February 2015.
Luke Wickham and Shelton Granade of CBRE Orlando marketed the property on behalf of the seller.