The Real Deal Miami

TruAmerica buys its 5th apartment property in Florida this year

The Los Angeles-based investment firm acquired a 300-unit rental complex in Orlando for $47.7 million
October 22, 2017 01:30PM

Matt Ferrari, head of East Coast acquisitions at Los Angeles-based TruAmerica Multifamily

Los Angeles-based investment firm TruAmerica Multifamily paid $47.7 million for an apartment complex in Orlando, the firm’s fifth Florida property acquisition this year.

“Orlando exhibits strong multifamily fundamentals and we see this positive momentum continuing over the foreseeable future,” Matt Ferrari, TruAmerica’s head of East Coast acquisitions, said in a prepared statement.

TruAmerica bought a 300-unit apartment complex called Arium Falcon Pines in east Orlando in a joint venture with an unidentified institutional partner. The sale price for the apartment complex at 10200 Falcon Pine Drive equals $159,000 per unit.

Built in 2006, the 21-acre property in Orlando consists of 13 two-story and three-story concrete block buildings with one-, two- and three-bedroom apartments. Their average size is 1,026 square feet.

Common-area amenities include a clubhouse, lagoon-style swimming pool, gym, business center, game room and lounge area, plus a walking trail, playground, dog park and car-care center.

TruAmerica renamed the property Canterbury Cove and soon will start a multi-million-dollar renovation of unit interiors. The upgrades will include stone counter tops, new cabinet faces, tile back-splash installations, and improved plumbing and lighting fixtures.