ORLANDO, FL – TruAmerica Multifamily in joint venture with a new institutional partner has bought Arium Falcon Pines, a 300-unit apartment community in Orlando, FL for $47.7 million, as the Los Angeles-based investment firm continues to develop a national market presence. 

TruAmerica entered the East Coast property markets last year as part of its commitment to expand its multifamily investment platform across the United States.  Today approximately 15% percent of the firm’s more than 34,000-unit portfolio is now located in Florida and Maryland with near term plans to expand into the Mid Atlantic and Southern states, according to firm founder Robert Hart.  

“The first step in our managed expansion was to focus on select East Coast growth markets where we could build scale and develop the necessary infrastructure to manage a growing regional portfolio,” said Hart.  “Under Matt Ferrari’s direction, our growing East Coast team has done a masterful job in executing our vertically integrated investment platform and we are feeling increasingly comfortable with our plans to enter new markets.”

Arium Falcon Pines, which will be re-branded by TruAmerica as Canterbury Cove, is a gated, garden-style luxury apartment community at 10200 Falcon Pine Boulevard in East Orlando.  It is made up of 13 two- and three-tale concrete block residential buildings on a low-density 21-acre site. The units are a family-oriented mix of one- two- and three-bedroom apartment homes with large floorplans – the average unit is 1,026 square feet.  All have washers and dryers, and feature spacious walk-in closets.

Common-area amenities include a clubhouse, lagoon-style swimming pool with an expansive sundeck, fitness studio, business center, game room and lounge area. Also on the grounds are a gourmet outdoor kitchen and grill, picnic and barbecue areas, playground, dog park, walking trail and car care center.

The buy of Arium Falcon Pines represents TruAmerica’s fifth transaction in the state of Florida this year and third investment in the Orlando area.  Other assets are located in Boynton Beach and Fort Myers.

More than 60,000 people went to Orlando last year and the population is expected to grow by 7.7% through 2021, providing a steady flow of potential new renters to the region, according to CBRE, which marketed the property for sale on behalf of the seller, a joint venture of the Carroll Organization and the Private Real Estate Group of Goldman Sachs Asset Management. 

Orlando continues to flourish, ranked No. 1 in the United States for year-over-year job growth for the past two years. It is also ranked No. 1 in the country for population growth, increasing its number of residents by 2.6% in 2015. It is also the top meeting and tourist destination – more than 68 million people visited Orlando in 2015, more than any U.S. city ever and was recently ranked by U.S. News as “One of the Top Places to Live” in the United States.

“Orlando exhibits strong multifamily fundamentals and we see this positive momentum continuing over the foreseeable future,” said Matt Ferrari, TruAmerica Director who heads the firm’s acquisition efforts on the East Coast.  “Arium Falcon Pines is a prime example of our investment strategy to buy quality value add apartment communities in first ring submarkets near major U.S. metros in key East Coast and Western U.S. markets.  Arium Falcon Pines is also easily accessible from SR 417, and is within 15 miles of Lake Nona Medical Center, Central Florida Research Park and the University of Central Florida, East Orlando’s three largest employment centers,” added Ferrari.

TruAmerica will start immediately on a multimillion dollar renovation program focusing on upgrading apartment home unit interiors, the majority of which have been untouched since Arium Falcon Pines was built in 2006. Upgrades will include new stainless “faux” steel appliances, stone countertops with undermount sinks, new cabinet faces, hard-surface floor, tile backsplash, and upgraded plumbing and lighting fixtures. TruAmerica also will make modest exterior upgrades including landscaping, signage, lighting and exterior paint to enhance the overall image and curb appeal of the property.

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GAINESVILLE, FL – DB Capital Partners LLC (DB), a privately-held real estate investment company based in Miami, Florida, has completed its acquisition of Fox Hollow Apartments, a 152-apartment building located in Gainesville, Florida. Fox Hollow Apartments is situated on nine acres of urban core and features one- and two-bedroom units, 76% of which are two-bedroom units.

The buy price was $9.5 million of which $7.6 million was financed by Walker & Dunlop LLC. The property will be managed by Michaelson Group, a real estate management company headquartered in Jacksonville, Florida. The transaction was brokered by Marcus & Millichap.

DB plans to implement interior upgrades including granite countertops and stainless-steel appliances as well as improved flooring, cabinetry and hardware. Exterior renovations will focus on lighting, signage, landscaping and pool upgrades.

“We are confident in the strength of the Gainesville market and are excited to have found a fantastic value-add opportunity at a current high cap rate and at such fantastic location,” said George Befeler, a principal of DB and CEO of The Befeler Group. “Fox Hollow is well-located relative to many daily conveniences, transportation options and employment opportunities.”

Fox Hollow Apartments is located at 7301 West University Avenue, Gainesville, Florida 32607, a few minutes from Celebration Pointe, one of the largest multi-use developments in North Florida comprised of more than one million square feet of dining, entertainment, shopping, class A office space, hospitality, luxury apartment homes and town homes.

DB is headquartered in Miami, Florida and is owned by Luis Delgado and George Befeler of The Befeler Group. DB continues to actively pursue additional opportunities throughout the State of Florida. The firm will continue to target strategic value-add apartment building deals that are below the institutional radar, with the intention of generating above-market returns. George Befeler and Luis Delgado bring DB over 60 years of experience in purchasing, repositioning and selling multifamily assets.

George Befeler is the founder and CEO of The Befeler Group, a privately held real estate investment firm based in Miami, Florida, that focuses on acquiring and managing multifamily and office properties with strong real estate fundamentals. The Befeler Group has owned and managed multiple multifamily and office properties within the State of Florida for over 40 years.

Luis Delgado is a Miami based attorney and real estate investor and is an active multi-family investor throughout the State of Florida.

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CHARLOTTE, NC – Federal Capital Partners (FCP) announced the $22 million acquisition of Hunters Pointe Apartments, a 386-unit, garden-style apartment community in the University area of Charlotte, NC. Hunters Pointe marks FCP’s 4th investment in Charlotte, NC.

“Hunters Pointe provides FCP with an opportunity to invest in a well-located community that will benefit from capital improvements and repositioning,” said FCP Sr. Associate Alex Cathcart. “With the extension of the CATS Light Rail Blue Line, and the proximity to major transportation corridors, the University Area and Uptown Charlotte job centers, we believe Hunters Pointe will be a highly attractive option for wage earners in the area.”

FCP will invest more than $2 million in numerous capital improvements and amenities at Hunters Pointe, including the addition of a new swimming pool, a new playground, a dog park, and grilling stations.

FCP plans to improve and upgrade the community’s entrance, leasing office, building exteriors, landscaping and green spaces. Hunters Pointe townhome and loft-style apartments already include full size washer and dryer connections, private patios, individual HVAC units and well-equipped kitchens.

FCP extends its appreciation to Capstone Apartment Partners who represented the seller in the transaction.

Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding in 1999. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets.

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