An affiliate of New York-based TH Real Estate paid $55.5 million last week for the 336-unit Arden Villas apartments in east Orlando near the University of Central Florida, marking its third local acquisition in the past month.
Located at 3303 Arden Villas Blvd., less than a mile west of UCF's main entrance along University Boulevard, the 21-acre property features 12 three-story apartment buildings that date to 1998. The sale closed on May 23 and was recorded Thursday in Orange County.
The property was 95 percent occupied at time of sale. Preiss was brought on as new property manager within the past week.
The seller was an affiliate of Pollack Shores Real Estate Group, which with equity partner Dome Equities previously paid $42.05 million in June 2014. The companies had invested in upgrading amenities including the pool and clubhouse, an indoor game room, bocce ball and basketball courts.
The sale follows Pollack Shores' broader divestment strategy across the southern United States, prompted by strong market dynamics and investor demand.
ARA Newmark marketed the property on behalf of Pollack Shores.
This is the fourth multifamily asset buy for TH Real Estate in Greater Orlando in the past nine months.
The company bought another student housing complex near UCF last September, and earlier in May paid $72.25 million for a Class A property in Casselberry and then $66.5 million for the Lofts at SoDo near downtown Orlando.