Address: 4700 Cason Cove Dr, Orlando, FL 32811

Multifamily Investment

Built in 1996, a 192 unit apartment community, located in Orlando, Florida. The asset enjoys excellent accessibility throughout the Orlando MSA. The heavy lifting was completed by the previous ownership. This allows us to concentrate solely on proactively managing the property to take advantage of the positive market fundamentals.
Some of the salient points on the deal were:

 

  1. We purchased the deal “off market” and did not have to bid up the pricing.
  2. The property is located within the northwestern submarket of the Orlando MSA only 10 miles from Downtown & only 16 miles from Disney World, providing residents’ easy access to employment hubs.
  3. Strong Occupancy rates among comp’s throughout the submarket.
  4. The competitive rental subset is achieving approximating $100 to $150 more than Bella Vita’s rents.
  5. Minor unit interior upgrades will enable $80 to $100 rental increases in addition to the base increase of rents with strategic upgrades including clubhouse and the general community.
  6. We placed a new fixed rate Freddie Mac debt at 4.92%, 7 year maturity, but the ability to sell the asset in year 5.
  7. We anticipate a 20 IRR 2.0 equity multiple.

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Address & Contacts:

4700 Cason Cove Dr, Orlando, FL 32811

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