Los Angeles–based real estate investment firm TruAmerica Multifamily recently acquired Solis at Winter Park, a 596-unit, Class B property in Orlando, Fla., for $79 million.
With the transaction, TruAmerica has collectively invested $500 million in nine Florida communities since entering the market in early 2017. The company’s apartment portfolio in the state now totals more than 3,700 units, with over 60% in the Orlando area.
“Orlando’s economy continues to grow and diversify well beyond tourism and is now home to new jobs from a broad group of employment sectors, including health care, telecom, bio tech, and high technology,” said Matthew Ferrari, TruAmerica senior managing director, in a press release. “As a result, the metro led the nation for a third straight year with 3.8% job growth and has averaged 4.1% job growth over the last four years. That's created tremendous demand for well-located, quality rental properties.”
Located within 20 minutes of more than 300,000 jobs and five miles from the Central Florida Research Park, Solis at Winter Park attracts dual-income working households and students at neighboring universities.
The 30-acre community, comprising 29 two- and three-story buildings, two pools, a fitness center, and sports courts, was constructed in 1986. Its one- and two-bedroom plans average 862 square feet each and have views of the property’s four lakes.
Currently, the apartments feature stainless steel appliances, oversized closets, ceiling fans, and full-sized washers and dryers. TruAmerica plans to renovate all the units as leases expire, to include faux-wood doors, stone countertops, new cabinet fronts, modern lighting, and green plumbing fixtures.
In the common areas, the firm plans to upgrade the pool spaces and clubhouses, as well as adding new landscaping and exterior paint to enhance the property’s curb appeal.
