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Wednesday, 12 September 2018

TruAmerica Pays $79Mln for Apartments in Orlando, Fla., Area

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TruAmerica Multifamily has acquired Solis at Winter Park, a 596-unit class-B multifamily property in the Orlando, Fla., area in a transaction valued at $79 million.

The Los Angeles company, which partnered on the deal with an investor that it didn't identify, bought the property, formerly the Sun Key Apartments in Winter Park, Fla., from BC Property Investments, which had acquired it four years ago for $57.7 million. BC Property, of Miami, was represented in the transaction by CBRE.

The transaction gives TruAmerica, a specialist in workforce housing, more than 3,700 units in Florida, a state it entered only last year, when it bought the 360-unit Montevista at Windermere and the 348-unit Highpoint Club, both in Orlando, from Robbins Electra. More than 60 percent of its Florida units are in the Orlando area. It owns a total of roughly 35,000 units.

Given the area's strong job growth, TruAmerica likely will continue to pursue properties there.

"Orlando's economy continues to grow and diversify well beyond...

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Orlando
  • States: Florida
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: Yes
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Dan Moynihan

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