Real estate investment firm ZMR Capital (ZMR) has acquired Reserve at Conway, a 220-unit multifamily community in the Orlando, Fla. submarket of Conway in an off-market transaction for $48 million.
ZMR has been in the Orlando market since 2014 and during that time have successfully executed on approximately $60 million in transactions involving the acquisition and disposition of approximately 700 units. ZMR has purchased over $500M in multifamily real estate since the company’s founding in 2013.
“Over the last 12 months Orlando’s population has grown approximately 22 percent, driving investor interest and making it extremely competitive in which to source deals. But as a Florida-based investor we are familiar with Orlando MSA and our stout reputation within the market has enabled us to generate opportunities to acquire properties like Reserve at Conway,” said ZMR CEO Zamir Kazi. “Our goal is to invest approximately $250 million in the market over the next 24 months.”
Built in 1983, Reserve at Conway is located at 3149 Landtree Place just off the Conway corridor, which allows easy access throughout the greater Orlando area. The Walt Disney World (and other theme parks), the Orlando International Airport, and the downtown Orlando are all within a 20-minute drive of the community.
The community consists of 220 one- and two-bedroom apartment homes, clubhouse with resident lounge and fitness center, resort-style pool, outdoor kitchen, sports courts and dog park.
Reserve at Conway was an institutionally owned and professionally managed property that is attractively positioned within the Conway submarket. ZMR is planning a multimillion-dollar capital renovation program that will provide current and future residents with a living experience that is comparable to newer communities in the market, but at a more competitive price point, according to Kazi.
In addition to addressing deferred maintenance issues, ZMR will upgrade unit interiors, gate the community and enhance curb appeal with new paint, and landscaping.
Orlando-based Newmark Multifamily Group’s Senior Managing Director Scott Ramey, and Associates Brad Downing and Paul Grant represented ZMR Capital and the seller in the transaction. Newmark’s Executive Managing Director Brian Kochan and VP John Westby-Gibson of the firm’s Debt and Structured Finance team helped secure the acquisition financing.