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TruAmerica, Lloyd Jones and Hercules Living buy multifamily communities in Orange County

The 244-unit Courtney At Lake Shadow apartment complex at 545 S. Keller Road.
The 244-unit Courtney At Lake Shadow apartment complex at 545 S. Keller Road. (Hercules Living)

Three multifamily communities across Orange County sold for nearly $150 million in recent weeks.

The deals took place across three separate transactions with multifamily investors TruAmerica, Lloyd Jones and Hercules Living each acting as individual buyers.

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Virginia Beach-based Hercules Living paid $57.5 million for the 244-unit Courtney At Lake Shadow apartment complex at 545 S. Keller Road. It sold for about $235,655 per unit.

Built in 2015, the multifamily community along Lake Shadow features three, four-story apartment buildings consisting of a mix of one-, two- and three-bedroom units. Residents have access to a pool, fitness center and spa.

The seller is tied to Harbor Group International, which bought the project in 2017 for $44.35 million from ContraVest, its original developer.

Though located in Maitland, the property is near Eatonville where a number of developments are being planned.

Orlando-based MMI Development is proposing to build an $80 million, 437-unit multifamily community at 2454 W. Kennedy Boulevard.

Nearby, Orange County Public Schools is teaming up with the City of Eatonville and requesting bids to redevelop publicly-owned land that collectively spans more than 100 acres. The solicitation includes a 94-acre tract of land where the former Robert Hungerford Preparatory School once operated, and a 17-acre site at 525 W. Kennedy Boulevard.

The 292-unit Avisa Lake Apartments at 7960 Pine Crossing Circle.
The 292-unit Avisa Lake Apartments at 7960 Pine Crossing Circle. (Orange County Property Appraiser)

Lloyd Jones, a Miami-based real estate investment, development and management firm, paid $47.2 million for the 292-unit Avisa Lake Apartments at 7960 Pine Crossing Circle.

The deal breaks down to about $161,640 per apartment. Features include a dog park and resort-style pool with an outdoor kitchen and bar.

The seller is a partnership between Oak Residential Partners and Related Management. The partners bought the complex in 2016 for $26.85 million.

Lloyd Jones specializes in multifamily and senior housing throughout the Southeast and Texas. In Orlando it owns the Carlyle Court Apartment Homes and the Pendelton Park Villas in east Orange County, as well as the Villas at Carver Park near downtown Orlando.

The 272-unit Parke East Apartments at 7721 Silver Pointe Boulevard.
The 272-unit Parke East Apartments at 7721 Silver Pointe Boulevard. (Orange County Property Appraiser)

Earlier this month, a deed recorded in Orange County revealed TruAmerica paid $44.1 million for a 272-unit apartment complex called Parke East Apartments at 7721 Silver Pointe Boulevard.

Sarasota-based Insula Companies, which specializes apartment community acquisition and revitalization, sold the complex for about $162,130 per unit.

Records show Insula bought the property in 2016 for $29.25 million, or about $107,535 per unit.

Parke East Apartments is a garden-style multifamily community built in 1985. It features a mix of one-, two- and three-story apartment units situated in multiple two-story buildings. Amenities include a pool, fitness center, playground and basketball court.

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As part of the purchase agreement, TruAmerica assumed a $29.5 million mortgage from Newmark Knight Frank.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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