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Central Park Apartments Trade in Altamonte Springs

CBRE Brokers Sale, Financing of 362 Units to New Partners TruAmerica, Citymark Capital
January 22, 2018
TruAmerica Multifamily, together with equity partner Citymark Capital, acquired the Central Park Apartments located at 525 One Center Blvd. in Altamonte Springs, FL from a joint-venture partnership between McDowell Properties and Prospect Capital Corporation.

The sellers acquired the property in November 2013 from Oxford Properties Group as part of a six-property, 2,271-unit bulk portfolio sale totaling $238.61 million, valuing the individual asset at roughly $36.59 million, or about $101,000 per unit, according to CoStar data.
See CoStar COMPS #2951183.

This month's acquisition marks TruAmerica's first with Citymark Capital, a Cleveland-based institutional private equity real estate fund manager. Headquartered in Los Angeles, TruAmerica is a leading national multifamily investor that has grown its Florida portfolio to more than 2,600 units, including 1,700 in the Orlando area alone.

The 362-unit Central Park Apartments boasts a wide mix of one-, two- and three-bedroom floorplans across 12 garden-style buildings. Unit sizes range from 614 to 1,550 square feet, with asking rents averaging between $940 and $1,730 per month. At the time of sale the asset was roughly 95 percent occupied.

Totaling 420,382 square feet, the gated multifamily community was built between 1992 and 2000 on 13.8 acres in the Northeast Multifamily submarket of Seminole County. It was renovated in 2012 and offers private garage and surface parking at almost 2.1/unit, a dog park, swimming pool, fitness center, business center, picnic area and volleyball courts.

TruAmerica's Matt Ferrari, who heads the firm's East Coast operations as managing director, noted that the asset has tremendous upside potential with the opportunity to improve the operational performance with interior unit upgrades as well as thoughtful renovation of the property's exteriors and common areas.

"By taking advantage of our vertically-integrated platform and scale in the market, we will be able to cost-effectively make much needed improvements to this extremely well located community, and keep rents in line for working class families who are flocking to the Orlando area," said Ferrari. "Central Park is a good example of our investment strategy to acquire value-add opportunities in first ring submarkets outside of major metros exhibiting strong economic growth. Orlando continues to post some of the highest job growth figures in the nation, and we will continue to look at investment opportunities here."

The buyers financed the acquisition in-part with a new Freddie Mac Value-Add agency loan through its Green Up program. Brian Eisendrath with CBRE's Los Angeles office arranged the financing on behalf of the borrowers.

Shelton Granade, Luke Wickham and Justin Basquill with CBRE in Orlando represented the seller and procured the buyer in the sale.

Please see CoStar COMPS #4110412 for more information on this transaction.

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