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