Source: Camden Property Trust / #Apartments #Multifamily
ORLANDO, FL - Camden Property Trust announced that it has completed the acquisition of a recently constructed 299-home apartment community in Orlando for a total purchase price of approximately $90 million.
The community (formerly known as 420 East) is a 9-story high-rise in downtown Orlando built in 2016 featuring a 4th floor pool and amenity deck, 24-hour concierge, retail space and a 3-story parking garage.
Located within the highly desirable Thornton Park Neighborhood, the property is walkable to many downtown office buildings, Lake Eola Park and several popular entertainment venues. The community will be renamed Camden Thornton Park and is adjacent to Camden Lake Eola, a new development community which recently started construction.
“We are pleased to announce the acquisition of this premier asset located in one of our core markets,” said Richard J. Campo, Camden’s Chairman and Chief Executive Officer. “We believe the purchase price is 5-10% below current replacement cost, and the acquisition will produce a stabilized yield of approximately 5%.”
Camden Property Trust, an S&P 400 Company, is a real estate company engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 159 properties containing 54,480 apartment homes across the United States.