TruAmerica pays $47.7m for 300-apartment complex in Orlando

by   CIJ USA
2017-10-20   16:20
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A joint venture between Carroll Organization and Goldman Sachs Asset Management has completed the disposition of its Arium Falcon Pines apartment complex in Southeast Orlando. The buyers, TruAmerica Multifamily and an institutional partner, paid $47.7 million for the 300-unit property. Located on a 21-acre site on Falcon Pine Boulevard, the property will undergo a multimillion-dollar renovation and rebranding. The 13 two three-story concrete residential buildings offer a swimming pool, business center and lounge area. CBRE represented the sellers during the transaction. The acquisition is the fifth TruAmerica’s has bought this year in Florida and its investment in the greater Orlando metro area.

“The property is located in a solid submarket between several major employment centers with strong highway access and has been institutionally maintained for a decade,” stated Matt Ferrari, TruAmerica’s director. “The asset is of concrete block construction with the opportunity to renovate apartment interiors and implement a moderate exterior and amenity renovation program.”