TruAmerica Acquires $47M Orlando Community

As one of the strongest multifamily markets in the U.S., Orlando has a very frothy investment market. TruAmerica intends to enhance the 300-unit property located between the area’s chief financial drivers.
Arium Falcon Pines
Arium Falcon Pines

The Carroll Organization and Goldman Sachs Asset Management Private Real Estate sold a 300-unit multifamily community in East Orlando. TruAmerica Multifamily bought the asset for more than $47 million. Located at 102000 Falcon Pine Blvd., Arium Falcon Pines occupies a 21-acre site.

The property features 48 one-bedroom, 168 two-bedroom and 84 three-bedroom apartments. Lake Nona’s Medical City, the Central Florida Research Park and the University of Central Florida are all nearby.

Amenities include a lagoon-style pool, an expansive sundeck, a clubhouse, an outdoor kitchen and grill, a fitness studio, a walking trail, a dog park and a business center. According to CBRE, the occupancy rate was at 94 percent at the time of sale.

“New ownership has the tremendous opportunity to increase income through modest enhancements moving forward. This is TruAmerica’s third acquisition in the Orlando area this year, which speaks to the strength of the market,” said Granade, vice chairman of CBRE Capital Markets, in a prepared statement. “Orlando is ranked number one in the U.S. for job growth and is in the top 10 U.S. metros for rent growth over the next two years.”

CBRE’s Shelton Granade, Luke Wickham and Justin Basquill represented the seller.

Image courtesy of CBRE