The Real Deal Miami

TruAmerica buys its 9th Florida rental property since early last year

The Los Angeles-based real estate investment firm bought a 596-unit Orlando apartment complex for about $132,000 per unit
September 16, 2018 01:00PM

Solis at Winter Park (Credit: HotPads.com)

Los Angeles-based TruAmerica Multifamily continued its apartment-complex shopping spree in Florida with a $79 million acquisition in Orlando.

TruAmerica paid about $132,000 per unit for a 596-unit Orlando apartment complex – its ninth rental property acquisition statewide since early 2017, when the real estate investment firm entered the Florida market.

TruAmerica’s has spent about $500 million to acquire its Florida portfolio, which now totals approximately 3,700 apartments, including more than 2,000 in Orlando.

The latest addition to the portfolio is a Class B property in Orlando called Solis at Winter Park, built in 1986.

The 30-acre property has 29 buildings, each two or three stories tall, with one- and two-bedroom apartments with an average size of 862 square feet.

TruAmerica plans to renovate all of the apartments as leases expire by installing faux wood floors, stone counter tops, new cabinet fronts, and updated lighting and plumbing fixtures.

The firm assumed a Freddie Mac fixed-rate loan in connection with its acquisition of Solis at Winter Park and got a supplemental loan arranged by Walker & Dunlop.

Shelton Granade, Luke Wickham and Justin Basquill of brokerage firm CBRE arranged the sale of Solis at Winter Park on behalf of the seller, Lindemann Multifamily Management, which has a $1 billion portfolio of rental properties. – Mike Seemuth