Los Angeles-based TruAmerica Multifamily paid $47.7 million on Friday for its third apartment complex bought in Orlando this year, drawn to the 300-unit Arium Falcon Pines for its value-add potential.
To be renamed Canterbury Cove, the 21-acre property at 10200 Falcon Pine Blvd. was developed in 2006 as a gated community, set between Lake Nona's Medical City and the Central Florida Research Park near the University of Central Florida. The sale reflects a price per unit of $159,000.
Job growth is what drew TruAmerica Multifamily to the Orlando market this year, director of acquisitions Matt Ferrari told GrowthSpotter.
"We like that story and the obviously strong demographics," he said. "We invest in apartment buildings in first and second rings around major metros with strong demographics. We like housing that caters to gray collar, blue collar working class people who need a nice place to live in a good submarket with good schools."
Amenities at the property include a lagoon-style pool, expansive sundeck, clubhouse, outdoor kitchen and grill, fitness studio, walking trail, dog park, and business center. It was 94 percent occupied at the time of sale, according to CBRE's Orlando office, which marketed on behalf of the seller, a partnership between Carroll Organization and Goldman Sachs Asset Management Private Real Estate.
The complex includes 48 one-bedroom units, 168 two-bedrooms and 84 three-bedroom units.
Ferrari said TruAmerica upgrades their purchases, taking care of deferred maintenance, painting and spiffing up the pool area, as well as bringing in more energy-efficient appliances that promote sustainability.
It has also invested in other parts of Florida, acquiring a 300-unit property in Boynton Beach and a 640-unit property in Fort Myers in the third quarter.
The company isn't done with its investments for the year, Ferrari said.
"We are actively looking at marketed opportunities and off-market opportunities as well before the end of the year."