Advenir, a Miami-based real estate investor specializing in multi-family, paid $18 million in late May to add the 272-unit Parkview Crossing Apartments in Seminole County to its growing inventory in Orlando, with $3 million in renovations on the way, a lead executive with the company told GrowthSpotter.
The group bought the 22-building property from Cypress Apartments Investments, a subsidiary of Los Angeles-based Investors Management Group. Advenir obtained a mortgage for $14.4 million from CBRE Capital Markets in Houston.
The apartments are located at 210 Welcome Way in the Fern Park community, south of Altamonte Springs.
Advenir has a regional office in Orlando and operates more than 1,000 apartment units in the area, according to chief acquisition officer Todd Linden.
"The Orlando MSA (metropolitan statistical area) demonstrates solid economic fundamentals with strong rent growth, job creation and in-migration," Linden said in an e-mailed response to questions.
Linden said he considers the Parkview Crossings property a B-class asset with "minimal deferred maintenance." The company plans to spend $3 million on a capital improvement program to enhance the property's exterior and unit interiors to boost rental incomes, Linden said.
Founded in 1996, Advenir acquires and operates multifamily rental communities throughout the United States on behalf of high net worth and institutional investors, according to its website.
The company, with holdings in Florida, Colorado and Texas, has owned and operated 15,000 apartment units valued at $1.5 billion since it was established. Its current portfolio consists of 7,400 apartment units valued at more than $550 million. Advenir has a property management company with 225 employees and a construction management company.
Linden said Advenir is not through looking for acquisition opportunities in Greater Orlando.
"We believe in both the macro and micro economics of the Orlando MSA multifamily market and are actively seeking well-located, value-add properties," he said. "In Orlando, we look at 'path of growth' submarkets that have low vacancies and limited supply."
Investors Management Group did not respond to requests for comment. Led by founder Neil Schimmel, the California company specializes in value-add and opportunistic real estate investments in major metropolitan markets that need recapitalization, repositioning or significant renovation, according to its website.
IMG's portfolio comprises 24 properties totaling more than 6,600 units in seven different markets, including Tampa and Jacksonville.