An affiliate of real estate investment management group TH Real Estate paid $72.25 million last week for a new Class A apartments complex in Casselberry, its second local acquisition in the past seven months.
The company bought the 336-unit former Bainbridge Casselberry apartments that were built just last year. The property was rebranded this week as Sole' at Casselberry, with ZRS brought on as property manager.
The complex, located at 3851 Grandpine Way and minutes from the intersection of U.S. 17 and S.R. 436 (Semoran Boulevard), is one of only two market rate communities to be built in Casselberry in the last 25 years, said Scott Ramey, director with ARA, A Newmark Company, which marketed the property on behalf of seller and original developer was The Bainbridge Companies.
Because of that, it experienced an incredibly fast lease-up, Ramey said, hitting stabilization in less than 10 months from receiving first units.
"Especially with how popular the Orlando area is as an investment market for apartments, you are seeing properties coming to market as they are hitting stabilization and completing their lease up," Ramey told GrowthSpotter.
The complex also benefitted from its location, Ramey said: 10 to 15 minutes from the Maitland office market, and the same drive to Winter Park's Park Avenue.
The sprawling apartment complex consists of 13 buildings with at least 22,764 square feet each, and six smaller buildings, according to the Seminole County Property Appraiser. Amenities include a 24-hour fitness center with yoga and a private training room with virtual fitness on demand; an outdoor clubroom and lanai with television, fireplace and pool views; and a community lounge with a cyber café coffee bar, shuffle board and private workspaces.
Representatives for TH Real Estate could not be reached for comment. The company manages about $10 billion in multifamily housing assets globally, focusing on rental housing investments in demand-driven markets.
TH Real Estate is an investment affiliate of Nuveen, itself the investment management arm of TIAA. The company was created in 2014 when TIAA (then TIAA-CREF, the Teachers Insurance and Annuity Association) and Henderson Global Investors formed a joint venture between their real estate operations.
TH Real Estate is building up its Florida asset portfolio after opening a Miami office in January 2017. It bought a student apartments complex near UCF last September.
Orlando is one of the strongest apartment markets in the country, Ramey said, and has consistently ranked in the top five metropolitan areas for year-over-year rent growth the last few years.
"That's attracting many new and aggressive buyers to our market," he said.