TruAmerica pays $50M for 368-unit rental housing complex near Orlando

The Astor Park property in Winter Park was the Los Angeles-based firm's seventh acquisition in Florida in the last nine months

Miami /
Mar.March 11, 2018 09:00 AM

Astor Park

Los Angeles-based TruAmerica Multifamily acquired a 368-unit rental housing complex near Orlando for $50 million.

TruAmerica paid about $135,000 per unit for the Astor Park rental complex in Winter Park, its seventh acquisition in Florida since the firm entered the state’s rental housing market nine months ago.

The new owner plans to spend $4 million on capital improvements at Astor Park, built in two phases from 1987 to 1999 with one-, two- and three-bedroom units.

TruAmerica will upgrade unit interiors, common areas and the exteriors of Astor Park, located at 4545 Willa Creek Drive in Winter Park, a northern suburb of Orlando.

Interior upgrades will include stone counter tops, new cabinet faces, vinyl plank flooring, tile backsplashes, and improved lighting and plumbing fixtures.

TruAmerica also will install new landscaping, repaint exteriors, and improve the property’s gym and swimming pool furnishings.

Founded as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica manages a $7 billion portfolio of 33,000 rental housing units in Florida and eight other states. – Mike Seemuth


Related Articles

arrow_forward_ios
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...