TruAmerica Multifamily Grows Florida Portfolio with Acquisition of 368-Unit Apartment Community

TruAmerica Multifamily Grows Florida Portfolio with Acquisition of 368-Unit Apartment Community

ORLANDO, FL - TruAmerica Multifamily has expanded its rapidly growing Florida apartment portfolio with the off-market acquisition of the 368-unit Astor Park in Winter Springs, FL for $50 million.

Astor Park is the seventh investment in Florida for TruAmerica since entering the market nine months ago.  TruAmerica’s Florida portfolio now totals more than 2,600 units, making the Sunshine State the third largest investment market for TruAmerica, one of the largest apartment owners in the United States with 33,000 units under management.

“Robust multifamily fundamentals in Florida, especially in the greater Orlando metro where we have five assets, are very strong and job growth continues to lead the country,” said TruAmerica Managing Director Matthew Ferrari who heads the firm’s East Coast office.   “While we will continue to build upon on our portfolio here, we are seeing similar demand drivers in select southeast markets in Georgia and the Carolinas where we are pursuing other value add opportunities.”

Located at 4545 Willa Creek Drive, Astor Park was built over two phases between 1987 and 1999.  The property features a mix of one-, two- and three-bedroom units, the majority remaining in their classic condition creating a true value add opportunity for TruAmerica, according to Ferrari.

TruAmerica will immediately begin a $4 million capital improvement program to upgrade the property exterior, common areas and unit interiors.   Planned upgrades to the interiors include new stainless appliances, stone countertops, new cabinet faces, upgraded lighting and plumbing fixtures, vinyl plank flooring, and tile backsplashes.   Exterior and common area improvements will include all new landscaping throughout, exterior paint, fitness center upgrades, and pool furnishings.

“Our cost basis, combined with our ability to take advantage of scale in the market, will allow us to create a more luxurious living environment on par with the competitive set, and still keep rents affordable for working families,” added Ferrari.

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 manages a $7.0 billion portfolio of approximately 33,000 units across prime locations.

Source: TruAmerica / #Apartments #Multifamily

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