San Diego-based Pacifica Companies, a $3 billion real estate conglomerate, paid $15.1 million last week for 144 condo units in MetroWest's Palms Club Orlando.
Located at the intersection of S. Kirkman Road and Arnold Palmer Drive, Palms Club is a luxury, gated community of 460 units. Pacifica's Nov. 30 acquisition followed the company's purchase in October of two condo units in the same complex.
The highly amenitized community has three pools with spas, four barbecue areas, a fitness center with aerobics studio and steam room, lighted HarTru tennis courts, sand volleyball, and indoor racquetball court and a bowling alley.
This is the firm's third major investment in Orlando, following the 2015 purchase of Oasis Club Apartments and the 2016 fractional acquisition of the Villa Valencia condo/apartment complex for $10.5 million. Both properties in are east Orange County, near Valencia College.
Pacifica partners with investors, institutional banks, pension funds and real estate funds for strategic real estate investments, with a portfolio that includes hotels, new development, office and industrial buildings, shopping centers, single tenant housing and senior housing options across the United States, Mexico and India.
In Florida, the company owns thousands of multi-family units across fractured condo purchases, wholly-owned apartment properties and senior housing properties. The firm also owns and manages hotels and self-storage businesses.
The seller was Miami-based Larkspur Properties, which specializes in distressed properties. Larkspur had acquired 190 of 460 units in July 2012. Post-acquisition, Larkspur facilitated numerous management changes including replacing the existing condominium management company, improving collections of delinquent accounts and instituting utility recoveries from tenants.