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TruAmerica Takes Down Metro Orlando MF for $50M
Los Angeles-based TruAmerica Multifamily expanded its rapidly growing Florida apartment portfolio with the off-market acquisition of the 368-unit Astor Park in Winter Springs, FL for $50 million. The property is the seventh investment in Florida for TruAmerica since entering the market nine months ago. The firm’s Florida portfolio now totals more than 2,600 units.
TruAmerica’s Matthew Ferrari says, “Robust multifamily fundamentals in Florida, especially in the greater Orlando metro where we have five assets, are very strong and job growth continues to lead the country.”
Located at 4545 Willa Creek Dr., Astor Park was built over two phases between 1987 and 1999. The property features a mix of one, two and three-bedroom units, the majority remaining in their classic condition creating a true value-add opportunity. The new owner plans to begin a $4-million capital improvement program to upgrade the property exterior, common areas and unit interiors.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
