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TruAmerica Multifamily Grows Florida Portfolio to 3,700 Units With $79 Million Orlando Buy
With the acquisition of Solis, TruAmerica, one of the fastest growing apartment operators in the United States, has invested approximately $500 million in nine Florida communities since entering the market in early 2017. The Los Angeles-based real estate investment firm's Florida apartment portfolio totals more than 3,700 units, with more than 60 percent in the greater Orlando market.
"Orlando exhibits excellent multifamily fundamentals, and Solis is a great value add asset in the best zip code in the market," said TruAmerica Senior Managing Director Matthew Ferrari, who oversees the firm's acquisition team. "Orlando's economy continues to grow and diversify well beyond tourism and is now home to new jobs from a broad group of employment sectors including healthcare, telecom, bio tech, and high technology. As a result, the metro led the nation for a third straight year with 3.8 percent job growth and has averaged 4.1 percent job growth over the last four years. That has created tremendous demand for well-located, quality rental properties."
Solis at Winter Park is located within 20 minutes of more than 300,000 jobs, and five miles from the Central Florida Research Park, the largest research facility in the state. Its central location makes it ideal for dual-income households commuting to companies within the area, which include Apple, Bank of America, Northrup Grumman, Boeing, and Hewlett-Packard. It is also equally well situated to several large universities, including the University of Central Florida, the second largest university in the country based on enrollment.
Built in 1986, the low-density 30-acre property comprises 29, two- and three-story buildings with a mix one- and two-bedroom apartment homes averaging 862-square-feet, with many of the units having views of one of the property's four lakes. The apartments feature stainless appliances, oversized closets, ceiling fans, and full-size washers and dryers while select homes feature vaulted ceilings and lake views. Community amenities include two pools, fitness center, lighted tennis courts, a sand volleyball court and a fenced dog park.
TruAmerica plans to renovate all apartment homes as leases expire. Improvements will include, faux-wood floors, stone countertops, cabinet fronts, modern lighting and green plumbing fixtures. Common area improvements will include upgrading both pool areas, and clubhouses, fitness center, as well as new landscaping and exterior paint to enhance the curb appeal of the property.
TruAmerica is assuming a Freddie Mac fixed rate loan and adding a supplemental loan arranged by Walker & Dunlop.
CBRE's Shelton Granade, Luke Wickham, and Justin Basquill marketed the asset on the behalf of the seller.
"The rental market in Orlando is robust, with steady growth starting in the first quarter of 2011 and continuing through the first quarter of 2018," Granade said. "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."
About TruAmerica Multifamily
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country's most active multifamily investors and manages a $7.5 billion portfolio of approximately 35,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland and Florida. For more information on TruAmerica Multifamily, visit http://www.truamerica.com or call (424) 325-2750.
DB&R Marketing Communications, Inc.