ZMR Capital Acquires Two Multifamily Properties in Orlando, FL
By: ZMR Capital
The transactions come on the heels of ZMR's acquisition of Reserve at Brandon, a 982-unit Tampa area community that is one of the largest multifamily properties in that market. In addition, ZMR has several deals in the pipeline that once they close in the next several months will add an additional 1,956 units to their Florida portfolio, which will increase it to just over 4,000 units.
"The speed in establishing and increasing our footprint in targeted markets around Florida is the direct result of the fine effort that our team has spent building relationships in these markets and doing the requisite research," said ZMR CEO Zamir Kazi. "People continue to move to Florida because of the growing employment opportunities and the state's lower cost of living compared to other areas of the country. With that affordability comes the opportunity to grow rents, which makes Florida very attractive for us."
Built in 1990, Camila has 14 three-story buildings spread over 27 acres, which includes a large parcel of unused land that can be developed to house 78 units, more amenities or a mix of both. The Laurel at Altamonte was built in 2000 and features 11 two-story buildings spread over 14.46 acres.
The common areas and exteriors at each property have all been upgraded, but none of the units have been renovated, providing ZMR with an excellent value-add opportunity. The firm plans to initiate a capital improvement plan at both properties designed to upgrade all units with modern features like stainless steel appliances, quartz countertops, added subway tile backsplash, and vinyl plank flooring.
The two properties are located in two of the most in-demand submarkets in the Orlando MSA, which have experienced high population growth over the last few years leading to occupancy rates of approximately 96 percent.
About ZMR Capital
ZMR Capital (http://www.zmrcapital.com) is an Orlando, FL-based real estate investment firm founded in 2013 by Hamza Kuraishi and Zamir Kazi. Specializing in the acquisition and re-development of value-add multifamily assets, the firm currently manages a portfolio of more than 4,000 apartment homes in Florida, Georgia and Texas. ZMR Capital has established an excellent reputation for moving swiftly and decisively when identifying undervalued and under-performing assets in strategic locations.