Affiliates of Salt Lake City-based Bridge Investment Group paid $49.5 million on Tuesday for the 456-unit Indigo West apartments in MetroWest, and could invest up to $200 million in Central Florida acquisitions this year, a lead executive with the company told GrowthSpotter.
Located at 6101 Raleigh St., the 25.75-acre property includes 18 three-story garden style buildings that date to 1998. It lies just a mile from the Valencia College West Campus, and four miles north of Universal Orlando.
Bridge Investment now owns three multifamily properties in Orlando totaling roughly 1,200 units. It was presented with this asset last year because it owns the neighboring Amara at MetroWest, said Russ Minnick, president of acquisitions and dispositions.
"We liked the product a lot, liked its bones, and we knew it was a (submarket) we've been successful in, so it was easy for us to get our equity and investment community to agree it was worth expanding there," he said.
The company's property management affiliate took over Indigo West this week. Capital improvements this year will include new roofs, paint, upgrades to the community center, swimming pool and playground, and a new dog park, Minnick said.
Looking forward, Bridge Investment is actively seeking more of the same in Orlando, which Minnick pegs as "large properties in good areas that need a bit of capital infusion."
"We bought $1.1 billion of assets last year and we'll purchase another $1 billion this year, and would definitely love for a good portion of that, even up to $200 million, to be in the Orlando-Tampa area," he said.
Bridge Investment divided the purchase into stakes between six of its fund affiliates.
The seller was an affiliate of Pollack Shores Real Estate Group, which previously paid $37.35 million in April 2013 for the property. Pollack Shores turned a profit of approximately $12.15 million on its sale after three and a half years, not counting the $1.5 million in capital improvements it said in 2013 were coming to the property.
Bridge's multifamily affiliate targets value-add assets in growth markets, with a focus on Class-B apartment communities. The company had $4.4 billion in multifamily assets under management as of late September, with 82 properties and 29,700 apartments across 22 states, according to its website.
The company has an office in Downtown Orlando where affiliate ROC Seniors Housing Fund Manager operates.