Within the past 30 days, three big-ticket multifamily sales took place around the same area in eastern Orange County.
Los Angeles-based multifamily investment firm and operator, TruAmerica sold its 348-unit Highpoint Club apartment community at 11100 Point Sylvan Circle, near Waterford Lakes Town Center, for $69 million. The deal breaks down to about $198,275 per unit.
A deed recorded late last week shows the buyer is Highpoint-Cabrillo LLC, an entity tied to Goldrich Kest, a family-run commercial real estate company based out of Culver City, California.
The apartment complex was built in 1994 and features a mix of one- and two-bedroom floor plans. Amenities include a resort-style pool, resident clubhouse, dog park and fitness center.
TruAmerica purchased the property in 2017 for $48.5 million with plans to renovate and upgrade the property. The company recently purchased a 168-unit apartment complex in Altamonte Springs for $26.3 million or about $156,547 per apartment.
Last year, TruAmerica topped $1 billion in acquisition volume. The Edge at Lake Lotus Apartments in Altamonte Springs was its 11th property in the Orlando metro area.
Around the same time of TruAmerica’s divestment, the RADCO Companies sold its Lakeside At Winter Park apartment community at 3935 Sutton Place Blvd., less than a mile east from Full Sail University.
The 288-unit multifamily complex traded for $54.25 million or about $188,368 per unit. According to the deed, three companies tied to New York-based Phoenix Realty Group purchased the apartment community.
Newmark Knight Frank’s Scott Ramey, Patrick Dufour and Brad Downing represented RADCO in the disposition. The company’s debt and structured finance group, consisting of Mitch Clarefield Joshua Braceros, Matt Williams and Kyle Schlitt helped arrange the financing of the buyer’s end.
The entities tied to Phoenix Realty Group together scored $38 million in financing from commercial lender CIT Group in New York.
Ramey told GrowthSpotter finding a location to build a new apartment complex in the Winter Park area and eastern Orange County is becoming increasingly more difficult. Consequentially, it turns multifamily product like the Lakeside apartments into “prime candidates” for major renovation projects, he said.
According to online marketing material, the community is being rebranded to Alvista Winter Park. Ramey said the new owners are planning to invest some more capital into upgrading the community.
Lakeside at Winter Park was RADCO’s first acquisition in the Orlando market. The company spent millions bringing the class B apartments up to par with competing product in the area.
The apartment complex is gated and pet friendly. It offers both one- and two-bedroom apartments with open floor plans and features a pool with sundeck, lounge area and grill station. Recreational areas include a fitness center, in addition to tennis, basketball, and volleyball courts.
Earlier last month, Ramey and the Newmark Knight Frank team also sold Catalyst Development Partners' 296-unit CODA Apartments at 13645 E. Colonial Dr., near the University of Central Florida. Records show Rance King Properties paid $66 million for the apartments, which were completed by the developer last year.
Ramey said it’s always a “good sign in the market.” when there’s three big-ticket sales in one central location.
“It shows, overall, there’s still a ton of investor and buyer demand for Orlando,” he said. “You got groups trying to plant a flag in locations in Orlando that have a good job story and barriers to entry, particularly for value-add assets.”