The Solis at Winter Park apartment complex along Goldenrod Road has sold for $79 million, with buyer TruAmerica Multifamily looking for more properties that fits its criteria in Orlando, Senior Managing Director Matthew Ferrari told GrowthSpotter on Tuesday.
Having picked up five other properties in Metro Orlando during the last year-plus, TruAmerica takes ownership of its largest property here -- 596 units on about 30 acres at 7502 Sun Key Blvd. between Aloma Avenue and University Boulevard.
"I think we're in strong submarkets, Orlando ZIP codes, that have positive demand crivers from an employment perspective, strong schools mostly, and other characteristics that make the properties a desirable place to live," said Ferrari, who oversees acquisitions. "... I think pricing is certainly aggressive. There's competition to find opportunities, but we're fortunate to have found a few this year."
All apartments will be renovated as leases expire, he said, with common-area improvements planned as well.
CBRE represented the seller, an affiliate of BC Property Investments that had bought the complex in 2014 for $57.7 million. Solis, built in 1986 and 1987, has a mix of 2- and 3-story buildings.
"The home ownership rate is still at a multi-decade low in the Orlando MSA, which favors the rental market, especially with people ages 18-35," CBRE Vice Chairman Shelton Granade told GrowthSpotter.
Los Angeles-based TruAmerica Multifamily paid $52.75 million earlier this month for the 362-unit Central Park Apartments in Altamonte Springs.
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TruAmerica used financing arranged by Walker & Dunlop from a silent partner, and also assumes a Freddie Mac mortgage on the property.
In February, the 368-unit Astor Park Apartments in Winter Springs was acquired by TruAmerica. Others in the area include Central Park Apartments in Altamonte Springs, Arium Falcon Pines in Orlando, Highpoint Club in Orlando and Montevista at Windermere.
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Orlando-based ZRS Management, which handles other TruAmerica properties, will serve as property manager at Solis.
More than 2,300 of the companies' 3,700 units in Florida are in Metro Orlando, where job growth has "created tremendous demand for well-located, quality rental properties," Ferrari said. Statewide, TruAmerica has spent approximately $500 million on nine communities since early last year.
The Los Angeles-based company says on its website that it owns 93 properties and focuses on Class B investments that can be renovated, and was founded five years ago.