ORLANDO, FL – An Investcorp-TruAmerica Multifamily joint venture has bought a 708-unit, two-property apartment portfolio in Orlando, FL for $98 million. The buy of the 360-unit Montevista at Windermere and the 348-unit Highpoint Club marks TruAmerica’s entry into the Southeast property markets.

Los Angeles-based TruAmerica, one of the 50 largest multifamily owners in the United States only four years after its founding, has been actively seeking investment opportunities in Florida since establishing an East Coast office in the Fall of last year, according to Eastern U.S. Director of Acquisitions Matthew Ferrari.

“Investment sales in Florida have been much slower in the first half of the year which has made a frenetic and competitive market for quality assets,” said Ferrari, who leads TruAmerica’s East Coast operations out of its Arlington, VA-based office.  “We were able to leverage our successful track record and relationships to buy these properties in what was a very intense competition.”

Both Montevista and Highpoint are institutional quality assets each located in desirable neighborhoods with fantastic schools less than 10 miles from Downtown Orlando.  Each community features a mix of one-and two-bedroom floor plans and amenities including a resort-style pool, resident clubhouse, dog park and fitness center.

The joint venture plans an extensive value-add renovation program across the portfolio that will include faux wood vinyl flooring, upgraded countertops and backsplashes, new cabinet fronts, light fixtures and microwaves.  Improvements also will include upgrades to the fitness centers, clubhouses, signage, landscaping and new paint on all building exteriors.   When completed, each community will be better suited to meet the growing demand for quality apartment living by the thousands of people that continue to go to Orlando each year.

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 Econometric Advisors.

“The Orlando economy has diversified well beyond tourism and is now home to new jobs from a broad group of employment sectors including healthcare, telecom, bio tech, and high technology,” added Brian Kelley, Managing Director with Investcorp’s Real Estate Group, which has now partnered with TruAmerica on eight multifamily investments throughout the United States.  “These sectors have fueled the Orlando job engine, which is leading the rest of the nation in employment growth.”

The investment will benefit from seven-year floating rate agency debt financing arranged by Richard Jordan’s Atlanta-based CBRE team.

The Orlando-based team of Shelton Granade, Luke Wickham and Justin Basquill, also with CBRE, marketed the property on behalf of the seller.

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MIAMI, FL – ZOM Florida, and Invesco Real Estate, a global real estate investment manager, recently broke ground on MAIZON AT BRICKELL, a 262-unit multifamily highrise located within the Brickell district of Miami. This distinctive project will comprise both an 8 and 19 tale midrise and highrise structure with attached structured parking, and occupies an brilliant location within walking distance of Mary Brickell Village, Brickell City Centre, Miami Avenue and Brickell Avenue shopping venues, as well as over 50 restaurants within a five block radius.

“We are excited to partner with Invesco Real Estate on our first ever development venture together” said Kyle Clayton, ZOM Florida’s Development Vice President. “Our project site has brilliant pedestrian access to the numerous retail, entertainment, and employment locations available in Brickell, and is also convenient to downtown Miami via the multi-modal public transportation nearby. Maizon will bring a new level of quality, unit features and amenities to the burgeoning West Brickell neighborhood.”

“We are very enthusiastic about the future of the Brickell neighborhood and the Miami market as a whole. Invesco Real Estate looks forward to working with ZOM to deliver a high quality product that will be distinctive in the market. We’re hopeful that the new relationship with ZOM will bring opportunities for future high quality investments benefiting our institutional clients,” said Evan Roth, Acquisitions Director at Invesco Real Estate.

Maizon is expected to deliver the first units in Q1 2019, with pre-leasing starting in late 2018. ZRS Management, LLC has been retained to provide leasing and property management services. Construction financing was provided by Santander Bank. Moss is the general contractor, and MSA Architects, Inc. is the architect firm for the project.

ZOM is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed over 17,750 apartment units nationwide, with an aggregate value of nearly $3.3 Billion.

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DALLAS, TX – Steadfast Apartment REIT III announced that it has bought The Pointe at Vista Ridge (formerly known as Enclave at Vista Ridge), a 300-apartment-home community located in the Northern Dallas submarket of Lewisville.  The buy price was approximately $44 million.

“Dallas is a growing region with demographic trends that are a excellent fit for the investment objectives of Steadfast Apartment REIT III, which targets mid-tier multifamily properties in growing communities,” said Ella Neyland, president of Steadfast Apartment REIT III, Inc. “Additionally, The Pointe at Vista Ridge enjoys an ideal location in the midst of a thriving neighborhood with numerous lifestyle amenities for our current and future residents.”

Completed in 2003, The Pointe at Vista Ridge includes 11 three-tale buildings with one-, two- and three-bedroom apartment homes that average 1,080 square feet. In-place rents average $1,187 per month and the community is currently 94.3 percent occupied.

The Pointe at Vista Ridge’s amenities include a resort-style pool with an outdoor kitchen, 24-hour fitness center, playground, clubhouse with resident lounge and theater, outdoor BBQ grills, business center, a sand volleyball court, walking trail, game room with billiards and game station, a pet park and washing area, a tanning bed, car-washing station and covered carports. Every apartment home in the community features nine-foot ceilings, washer/dryer connections, crown molding, faux granite countertops, ceiling fans and private balconies or patios.

As part of the Steadfast Value Enhancement Strategy, STAR III plans to renovate all unit interiors to include an upgraded appliance package, new laminate countertops, new plumbing fixtures, new vinyl wood flooring and carpeting, and upgraded lighting when turning apartments between residents.

Located in Lewisville, 20 miles north of downtown Dallas, the community offers simple access to many Dallas-area business parks including Frisco Business Parks, Legacy West Development, Legacy and Granite Business Parks, and the Platinum Corridor. The Pointe at Vista Ridge is also located adjacent to Vista Ridge Mall and is just minutes from Stonebriar Centre.

STAR III believes the Dallas area is well-positioned for long-term success as it continues to benefit from a diverse range of industries and growth including the anticipated completion of Toyota’s U.S. headquarters later this year.

With the acquisition of The Pointe at Vista Ridge, STAR III has invested approximately $176 million with five multi-family properties, totaling 1,212 apartment homes, in Colorado, Georgia, Illinois and Texas.

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