Continental Realty Advisors has acquired the 560-unit Bonita Fountains Apartment Homes at 5826 PGA Blvd. in Orlando, FL from Banc of America Community Development Corp. for $25.2 million, or $45,000 per unit.
The three-story, 430,225-square-foot multifamily community was built in two phases in 1988 and 2000 on 57 acres in the Orlando Central Park submarket, southwest of downtown Orlando.
It is comprised of 252 one-bedroom, 292 two-bedroom and 16 three-bedroom units ranging in size from 582 to 1,206 square feet with asking rents between $665 and $1,100 per month. Spread across 46 garden-style buildings, the individually-metered apartments feature vaulted ceilings, storage units and washer/dryer in unit, as well as numerous community amenities including a business center, fitness center, game room, swimming pool and spa, tennis courts and on-site management.
"Bonita Fountains is a quality addition to Continental’s portfolio," said Warren Horvath, director of acquisitions at CRA. "We are pleased to begin investment activity in Orlando and Florida. We intend to create a sizeable southeastern portfolio with significant holding in Florida markets."
The buyer is planning $3.5 million in capital improvements to the community over the next two years. The acquisition marks CRA's entry into the Orlando market.
Ryan Snyder, investment manager at CRA, added, "Bonita Fountains is a great purchase, with an attractive in-place cap rate. We anticipate long-term upside potential with our planned capital improvements."
Reportedly no brokers were involved in the direct deal.
Please see CoStar COMPS #2744957 for additional information on this transaction.