Dealmaker: TruAmerica Acquires Florida Community for $50M

TruAmerica Multifamily, Los Angeles, acquired the 368-unit Astor Park in Winter Springs, Fla. for $50 million in an off-market transaction.

Astor Park represents TruAmerica’s seventh Florida investment since it entered that market nine months ago. The value-add multifamily investment firm now owns more than 2,600 units in the Sunshine State.

“Robust multifamily fundamentals in Florida–especially in the greater Orlando metro–are very strong and job growth continues to lead the country,” said TruAmerica Managing Director Matthew Ferrari. He noted he sees similar demand drivers in some markets in Georgia and the Carolinas where the firm is pursuing other value-add opportunities.”

Located at 4545 Willa Creek Drive, Astor Park was built in two phases between 1987 and 1999. TruAmerica will execute a $4 million capital improvement program to upgrade the property’s exterior, common areas and unit interiors. Planned upgrades include new stainless steel appliances, stone countertops, upgraded lighting and new landscaping and exterior paint.

“Our cost basis, combined with our ability to take advantage of scale in the market, will allow us to create a more luxurious living environment on par with the competitive set, and still keep rents affordable for working families,” Ferrari said.