American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, announces it has acquired City West Apartments, a 300-unit multifamily asset in Orlando. The property will undergo a $3.575 million capital improvements program and be renamed 1801 MetroWest.
This is the firm’s 26th community in Florida and its sixth in the Orlando metro area.
“Orlando’s multifamily market remains one of the best in the nation, particularly in its rising occupancy rate for workforce product that surpasses that of newer inventory in the market,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “This strong demand, coupled with an experienced value-add approach that improves community quality and aesthetics, allows for assets such as this one to continue serving workforce communities that result in a successful hold period.”
American Landmark plans to upgrade a variety of features throughout the property with a thorough capital expenditures program. Unit upgrades will include smart locks, smart thermostats, stainless steel appliances, kitchen tile backsplash, upgraded cabinets, granite countertops and luxury plumbing and lighting fixtures.
Community improvements will feature landscape beautification and upgrades to the clubhouse, fitness center, swimming pool and other onsite amenities.
Built in 1989, City West is located at 1801 S Kirkman Road. One- and two-bedroom units include a full-size washer and dryer, hardwood-inspired flooring and private patio/balcony. The pet friendly community features a resort style swimming pool, 24-hour fitness center and secure package lockers.
Situated in the Metro West community, the property is found near multiple employers and important transit routes. Valencia College—serving almost 66,000 students and named the best community college in the nation by the Aspen Prize for Community College Excellence—is adjacent the community, with Universal Studios Resort less than 15 minutes away and Downtown Orlando about 20 minutes away. Spessard L. Holland East-West Expressway is less than 10 minutes away, and the Florida Turnpike and Interstate 4 are under 20 minutes from the community.