ORLANDO, FL - TruAmerica Multifamily, in joint venture with Citymark Capital, has acquired the 362-unit Central Park Apartments in Orlando, FL. The investment is TruAmerica’s first with Citymark Capital, a Cleveland-based institutional private equity real estate fund manager whose investors are a mix of institutional clients and family offices. TruAmerica, one of the largest apartment investors in the United States, has grown its Florida multifamily portfolio to more than 2,600 units with 1,700 located in the Orlando area.
“Citymark Capital is delighted to partner with an industry leader like TruAmerica to invest in attractive, institutional quality apartments in the Greater Orlando area,” said Daniel Walsh, founder and chief executive officer of Citymark Capital. “This aligns with our national platform, which invests in leading U.S. markets and takes a disciplined approach to generating solid returns for our investors.”
Built in 1992 with a second phase completed in 2000, the gated community features a mix of one-, two- and three-bedroom units, each with a private garage. Common area amenities include a swimming pool and spa, fitness center, business center and dog park. The asset has tremendous upside potential with the opportunity to improve the operational performance with interior unit upgrades as well as the thoughtful renovation of building exteriors and common areas, according to TruAmerica Managing Director Matt Ferrari who heads the firm’s East Coast operations.
“By taking advantage our of vertically integrated platform and scale in the market, we will be able to cost-effectively make much needed improvements to this extremely well located community, and keep rents in line for working class families who are flocking to the Orlando area,” said Ferrari. “Central Park is a good example of our investment strategy to acquire value add opportunities in first ring submarkets outside of major metros exhibiting strong economic growth. Orlando continues to post some of the highest job growth figures in the nation and we will continue to look at investment opportunities here.”
Central Park Apartment is located at 525 One Center Boulevard in the northern Orlando suburb of Altamonte Springs. It is within walking distance to a wide variety of shopping, entertainment and recreational options including the 1.15 million square-foot Altamonte Mall and Cranes Roost Park and Plaza. It is also served by the nationally ranked Seminole County Public School District, which was ranked #1 in STEM (Science, Technology, Engineering and Math) in the state of Florida.
Shelton Granade, Luke Wichham and Justin Basquil in the Orlando office of CBRE represented both parties in the transaction. The acquisition was financed by a Freddie Mac Value-Add agency loan through its Green Up Program arranged by Brian Eisendrath, of CBRE in Los Angeles.