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Trion Properties Acquires Orlando Apartments with $85M Loan from PCCP
PCCP, LLC, has provided an $85 million loan to Trion Properties for the acquisition and renovation of Patterson Court Apartments, a 384-unit multifamily property in Orlando, FL.
Patterson Court Apartments is a 17-building, 384-unit community situated on 21 acres along Interstate 4. Walt Disney Company has master-leased the asset since its construction in 2008, and it has not been renovated or updated.
“Given the strength of the Orlando market, the outdated Patterson Court Apartments is poised to provide a strong upside opportunity for the new ownership,” said Ron Bonneau, PCCP managing director. “Once the improvements are implemented, the asset is anticipated to be competitive with nearby Class A product for renters seeking a quality living situation near Orlando’s numerous employment hubs.”
The property is located in a high-traffic, supply-constrained, and suburban infill location within the Tourist Corridor of the International Drive submarket and is the closest multifamily property to Walt Disney World Resort.
- ◦Sale/Acquisition
- ◦Financing
