TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, acquired Grand at Westside Apartments, a 336-unit apartment community in the Orlando MSA.
TruAmerica continues to leverage its expertise and scale to expand its strategy of building better communities in high growth markets like Orlando. This investment will add to TruAmerica’s strong tenure in the Orlando metro since 2017 across 19 properties and 7,000 apartments.
“We are bullish on Orlando’s near-term fundamentals and have already seen strong market performance based on our significant footprint in the metro,” said Matt Ferrari, Head of Acquisitions and co-CIO, of Los Angeles-based TruAmerica. “The purchase of Grand at Westside is reflective of TruAmerica’s broader ability to use our portfolio’s predictive data to identify accretive investment opportunities.”
Built in 2015 in Osceola County, Grand at Westside is a garden-style community comprised of 14, three-story buildings, a clubhouse and five garage buildings on nearly 19 acres at 3250 Douglas Grand Drive in Kissimmee. The property offers spacious one- to four-bedroom floor plans averaging 1,107 square feet with nine-foot ceilings and upscale interior finishes. TruAmerica plans to execute improvements to all units including a tech package upgrade and replacing bedroom carpets with plank flooring. Planned community improvements include updates the pool area, amenity spaces, and exterior paint.
“The acquisition of Grand at Westside is another example of our ability to buy newer vintage value-add properties at a favorable basis that provide day one value,” said Bob Hart, President and CEO of TruAmerica. “This acquisition is reflective of the attractive entry point that the next 12-18 months provides well-capitalized platforms like TruAmerica to expand our portfolio.”
Grand at Westside is strategically located within a 45-minute drive to numerous metro and regional employment centers, as well as immediate proximity to some of Orlando’s most popular entertainment, dining, and retail destinations. The community is situated in an infill location that delivers exceptional connectivity to key areas of Orlando. The market is one of the top growth markets in the United States, having achieved a No. 3 job growth ranking, and its population growth is projected to be twice the national average. The market has several large employers including Walt Disney, Universal, Deloitte Consulting, Marriott, AdventHealth, Lockheed Martin, and Siemens.
Jubeen Vaghefi, Denny St. Romain, Charles Crapse, Scott Peek and Alex Kupp of CBRE represented the seller. TruAmerica assumed the existing Fannie Mae loan through Walker & Dunlop as part of the transaction.
