A joint venture paid $98 million for a two-property, 708-unit apartment portfolio in Orlando.
The joint venture of Bahrain-based Investcorp and Los Angeles-based TruAmerica Multifamily paid $138,418 per apartment for the 360-unit Montevista at Windermere and the 348-unit Highpoint Club.
Shelton Granade, Luke Wickham and Justin Basquill in the Orlando office of real estate brokerage CBRE represented the seller of the apartment portfolio.
“We were able to leverage our successful track record and relationships to acquire these properties in what was a very intense competition,” Michael Ferai, TruAmerica’s director of East Coast acquisitions, said in a prepared statement.
TruAmerica has been actively seeking apartment investment opportunities in Florida since opening its East Coast office in Arlington, Virginia, in the fall of 2016.
The Montevista and Highpoint apartment properties each have one- and two-bedroom floor plans, a resort-style swimming pool, clubhouse, fitness center and dog park. Both are located less than 10 miles from downtown Orlando.
The joint venture of Investcorp and TruAmerica plan extensive interior improvemnts to apartments at both properties, including the installation of faux-wood vinyl floorings, upgraded counter tops and backsplashes, and new cabinet fronts, light fixtures and microwave ovens.
The Investcorp-TruAmerica joint venture also plans to repaint all building exteriors and to renovate the fitness centers, clubhouses, signage and landscaping at both Montevista and Highpoint.
The joint venture financed its acquisition with a seven-year, floating-rate agency loan arranged by a CBRE team in Atlanta led by Richard Jordan.