TruAmerica buys Solis at Winter Park for $79m
TruAmerica Multifamily bought Solis at Winter Park, a class B residential community in Orlando, Florida, for $79m. Located in the Orlando submarket of Winter Park, the
property includes 596 one- and two-bedroom units. The 33 two-story buildings changed hands for $132,550 per unit. The purchase of this property brings TruAmerica’s investment in Florida to nine assets totaling $500m. The firm’s apartment portfolio totals more than 3,700 units, with more than 60 percent of those units located in the greater Orlando market. The seller, BC Property Investments, paid $57.7m for the asset in September 2014.
“While the property has benefited from strong institutional ownership over a 30-year period, we believe there is still plenty of renovation upside that can be captured through the implementation of a value-add program by our in-house asset and construction management teams,” said Matthew Ferrari, senior managing director at TruAmerica Multifamily.