Sarasota-based Insula Companies just sold an apartment complex in Altamonte Springs to TruAmerica, a Los Angeles-based multifamily investment firm and operator .
According to a deed recorded in Seminole County, Insula sold the 168-unit, market-rate apartment complex at 569 Little River Loop for $26.3 million or about $156,547 per apartment.
The Edge at Lake Lotus Apartments consists of 10, two-story multifamily buildings, built in 1987. Insula, which specializes in apartment community acquisition and revitalization, bought the multifamily complex in 2017 for $18.55 million.
Matt Ferrari, head of acquisitions and East Coast asset management at TruAmerica, told GrowthSpotter he began touring the property in May. Insula had updated all the amenity areas, including the common areas, pool area and dog park, he said.
The deal is part of a portfolio deal between Insula and TruAmerica that included an additional apartment complex in Tampa that sold for $56.7 million, according to records. Insula first bought the 320-unit Estates at Countryside apartment community in Tampa for $50.1 million.
In total, TruAmerica spent $82.4 million on the properties. Shelton Granade, Luke Wickham and Justin Basquill of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deals.
Last year, TruAmerica topped $1 billion in acquisition volume. The Edge at Lake Lotus Apartments in Altamonte Springs is its 11th property in the Orlando metro area, Ferrari said. He adds the firm continues to be bullish on the Orlando market, despite COVID.
“COVID, like with everyone else, has added challenges,” he said. “A couple of months ago we were playing on the defense, but we’re back playing offense.... We’re buying more this year than we originally thought when COVID began.”
Last year, Insula sold the 396-unit Glenn apartments by the University of Central Florida for $64.75 million, after buying the complex in 2016 for $42 million. The company typically invests millions of dollars to refresh its rental communities before putting them back on the market.
Representatives at the company did not respond to requests for comment.