New Jersey-based private real estate investment firm Dasmen Residential just dropped $101.25 million for five multifamily communities in Metro Orlando and Tampa.
In Orange County, entities tied to Dasmen paid about $23.6 million for the 200-unit Oak Hill apartments at 4490 Silver Star Rd.; about $18.9 million for the 188-unit Oakmont apartments at 3000 S. Rio Grande Ave.; and about $18.6 million for the 192-unit Addington Place apartments at 4757 Silver Star Rd., records show.
Together the Orange County properties contain 580 units, which sold for a total of $61.2 million or more than $105,500 per unit. The rentals are located near Orange County’s Pine Hills neighborhood and west of Orange Blossom Trail, just north of I-4, in southwest Orlando.
In Tampa, the firm bought the Laurel Crossings apartment community at 13101 Aarans Pond Dr. for $10.8 million and the Jasmin Terrace apartments at 1250 Skipper Rd. for $29.25 million. The portfolio in Tampa consisted of 431 units that sold for about $40 million, or about $92,900 per unit.
In an email to GrowthSpotter, Dasmen CEO Michael Katz said the company plans to spend north of $3 million on capital improvements across the portfolio.
All the apartments have been rebranded with new names and logos, he said. Renovation plans include updating units and creating amenities for residents like dog parks, playgrounds and business centers.
“We have been eyeing both of these markets for a long time,” Katz said, adding the company was attracted to the infusion of capital and local government involvement in revitalizing and improving the areas.
Katz said Dasmen acquired the properties at a “great time and price.”
“Both Tampa and Orlando are some of the fastest-growing cities in the United States, which by all accounts is still on the rise and will continue for the foreseeable future,” he said.
Orange County is partnering with local leaders and developers to revitalize its Pine Hills neighborhood.
One of its initiatives, called the Pine Hills Neighborhood Improvement District, was formulated to revitalize the area and bring a planned Lynx transit center and pedestrian-friendly bicycle trail to serve its working-class community of more than 60,000 residents.
Early this year, Wendover Housing Partners broke ground on its 120-unit Hawthorne Park senior affordable housing project that will replace part of an aging shopping center along Silver Star Road and become the new anchor for the neighborhood’s planned town center.
Meanwhile, MetroWest is near large job providers like Valencia College’s west campus and Universal Orlando, which is planning to grow its theme park portfolio.
Records show Dasmen purchased the portfolio from Boca Raton-based investment firm Amzak Capital Management and financed the deal with loans from Greystone Servicing Company. The financing for four communities including Oakmont, Oak Hill, Laurel Crossings and Jasmine Terrace amounts to a little more than $62 million.
Cushman & Wakefield’s Florida multifamily team led by Mike Donaldson, Nick Meoli and Brad Black brokered the deal.
Last year, Dasmen tapped Cushman & Wakefield to help arrange another purchase. The investment firm paid $18 million for the 189-unit Avalyn West community at 701 S. Ivey Lane. The property also sits between Pine Hills and Orlando’s MetroWest neighborhood.
Records show Amzak Capital Management bought the Orange County properties in 2018 for about $37 million. Before the most recent sale, Amzak Capital Management converted the Oak Hill community from condominiums to multifamily.
Dasmen is a multifamily real estate investment and management firm that owns and operates properties in cities throughout the United States including Nashville, Charlotte, Dallas and Atlanta.