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Priderock Capital pays $63.25M for apartment complex in east Orange County

Priderock Capital pays $63.25M for apartment complex in east Orange County
A photo of the renovated 356-unit apartment community called Park 9

West Palm Beach-based Priderock Capital Partners just paid $63.25 million for a 356-unit apartment community in east Orange County formerly called Park 9 Apartments.

The deal for the complex at 9201 Nelson Park Cir. breaks down to about $177,668 per unit. According to online marketing material, the company renamed the rental community to University Park Apartments.

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The seller is an entity tied to Ontario, Canada-based firm Venterra Realty. It paid $29.35 million for the property in 2014.

University Park, built in 1997, consists of a mix of one-, two- and three-bedroom apartments. Features include a newly renovated clubhouse, outdoor lounge area with grilling stations, swimming pool with cabanas, business center and fitness center.

The property sits on nearly 18 acres of land, just five minutes north of Valencia College East Campus along North Econlockhatchee Trail.

The complex was 92 percent occupied at the time of the sale. Newmark Knight Frank’s Scott Ramey and Kevin Judd represented the seller.

The deal falls in line with recent big-ticket multifamily sales near college campuses, where a number of investors are actively re-positioning multifamily and student housing complexes.

Earlier this year, Horizon Realty Advisors paid $65 million to purchase of The Glenn apartments near the University of Central Florida. The seller, Insula Companies, bought the complex in 2016 for $42 million. The firm specializes in buying and renovating Class B and C multifamily properties before putting them back on the market, much like what it did with The Glen apartments.

Priderock Capital is a private multi-family asset manager with more than 14,000 units across the United States. In Orlando, the firm has been inching toward developing a long-time planned apartment community on Lake Betty. The project, dubbed Polo Glen at Lake Betty, was once under contract with Bainbridge Companies, but the company divested.

Gainesville-based The Collier Companies is its latest partner. Plans call for about 325 units on 45.75 acres at 2695 S. Orange Blossom Trail.

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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