The Crest at Altamonte

Investment Highlights

The Crest at Altamonte represents TruAmerica’s ninth investment in the Orlando MSA.  Orlando has led the nation in job growth over the past 5 years, and Forbes determined the city to be the best market for real estate investment in 2019. The Crest is located within the desirable Altamonte Springs submarket.  The Property is conveniently located near top employment centers in Maitland and Lake Mary, while the City of Altamonte Springs provides numerous entertainment and retail offerings.  The asset has been well maintained by prior institutional ownership and requires minimal deferred maintenance and exterior improvements. Furthermore, the apartment interior finishes are in original condition, providing a rare opportunity to renovate all of the apartment interiors and achieve strong renovation premiums.

Property Highlights

The Crest at Altamonte consists of 340 apartments and is located in Altamonte Springs, FL within the Orlando MSA. Built in 1986, the property features two-story buildings in a desirable low-density setting. Prior ownership completed several notable capex projects including new roofs, new Hardie siding, and a full parking lot overlay. The community features an attractive mix of one-bedroom, two-bedroom, and unique two-bedroom townhome style floorplans. The apartments consist of large floorplans with an average of 1,062 square feet. All of the apartments include full size washers and dryers or connections and a screened in patio or balcony, and the 2nd floor homes feature vaulted ceilings.

The Crest at Altamonte is situated in a prime location within Altamonte Springs. There are various entertainment options in the area, including the Altamonte Mall and The Renaissance center. The Altamonte Mall, just 1-mile from the property, includes Macy’s, Dillards, a recently renovated Apple store, and an AMC Theater. The Renaissance Centre retail cluster features Whole Foods, Starbucks Coffee, and Publix Supermarket. Demand for apartments is driven by local employment hubs in Lake Mary and Maitland. Major employers located in the nearby Maitland Center office park include Digital Risk, EA-Tiburon, Charles Schwab, ADP, FedEx, CNA, and Fidelity.  The Lake Mary/Heathrow office market located to the north is home to Verizon, AAA, Spring, Mitsubishi-Hitachi, and JP Morgan Chase.  The property’s close proximity to Interstate-4 and the Altamonte SunRail station makes it a prime location for commuters.  Additionally, there are plenty of leisure and outdoor activities in the Altamonte Springs area including Cranes Roost Park, a 45-acre waterfront park, and the RDV Sportsplex, a $60 million 365,000 SF sports and recreation facility.

Community Amenities:

Parke East

Investment Highlights

Parke East represents TruAmerica’s first acquisition of 2020 and tenth investment in the Orlando MSA. The Property was purchased at an attractive basis, well below current replacement costs, and benefits from a central location in East Orlando roughly 10-minutes from the downtown Orlando CBD. Orlando’s growth story has been phenomenal as the MSA has led the nation in job growth each year over the last five years. Parke East also represents a true value-add opportunity as all of the apartments are ideal candidates for value-add improvements.

Property Highlights

Parke East is a 272-unit property built in two phases between 1985 and 1989. Anticipated apartment upgrades to the classic apartments include new stainless-steel appliances, granite countertops, white shaker cabinet fronts and pulls, vinyl flooring, tile backsplash, and upgraded plumbing and lighting fixtures. Anticipated apartment upgrades to the partially renovated units include painted cabinet fronts with new modern pulls, granite countertops, and add tile backsplash.

Parke East benefits from a prime location within the East Orlando submarket and is centrally located between several major employment centers and educational institutions. Nearby employers include Lockheed Martin’s mission systems and training facility (7,000 employees), the global headquarters for Siemens wind and power division (3,800 employees), and Advent Health East Orlando (295 bed hospital). Parke East also benefits from nearby educational institutions. Five miles east of the Property is the University of Central Florida, the largest university in the country.

Community Amenities

Edge at Lake Lotus

Investment Highlights

The Edge at Lake Lotus represents TruAmerica’s eleventh investment in the Orlando MSA and third in Altamonte Springs, Orlando’s preeminent live-work-play submarket. Nearby employment is concentrated in healthcare and professional/business services. Maitland Center, situated just a 5-minute drive away, boasts 7 million square feet of class A office space and is home to Digital Risk, EA-Tiburon, Charles Schwab, ADP, FedEx, CAN, and Fidelity. The Lake Mary/Heathrow office market is located 15 minutes north of the Property along I-4 and features white-collar employers such as Verizon, AAA, Spring, Mitsubishi-Hitachi, Deloitte, and JP Morgan Chase. Finally, the corporate headquarters of Avent Health (2,500 employees) is located just 3 minutes from the Property.

TruAmerica plans to fully renovate the remaining classic homes while making select, accretive upgrades to the exteriors and amenity spaces.

Property Highlights

The 168-unit property was built in 1987. The Community features large floorplans averaging 955 square feet with an attractive mix of one, two, and three-bedroom floorplans. Each home features walk-in closets and a sunroom with vaulted ceilings in the homes on the upper floors. Upgrades to the apartment interiors in the remaining classic homes will include stainless steel appliances, vinyl flooring, stone countertops with undermount sinks, new cabinet fronts and pulls, tile backsplashes, as well as installation of washers and dryers in the remaining units.

Potential amenity enhancements and upgrades include selectively upgrading the fitness center and adding new furnishings at the pool. Furthermore, painting the exterior and improving the landscaping will enhance the overall image of the Property.

Community Amenities

• Fitness Center
• Outdoor Bocce Ball Court
• Outdoor Lounge with Fire Pit
• Swimming Pool
• Fitness Trails
• Pet Park
• Gorgeous Lake Views
• BBQ & Grilling Station

Estates at Countryside

Investment Highlights

The Estates at Countryside represents TruAmerica’s fifth investment in the Tampa-St. Petersburg MSA. The Property was completed in 1989 and consists of 320 apartments. The asset is situated near the intersection of Rt 580 and US 19, providing convenient access to top demand drivers throughout Pinellas County and the broader Tampa MSA. Nearby employment is concentrated in healthcare and financial services. There are three healthcare centers with over 1,000 total beds within a 7-mile radius of the Property, and the corporate headquarters of BayCare Health Systems is located 2.4 miles to the south. The location also provides easy access to the Gateway office market, home to Raymond James Financial (HQ), Jabil (HQ), Franklin Templeton, and Transamerica, and the Westshore Business district, the largest office market in the southeast with more than 97,000 employees.

The Seller purchased the asset in 2019 and completed nearly $3 million of capital projects including new roofs, exterior paint, sealcoat/stripe, clubhouse and fitness center renovations, and significant upgrades to the pool areas. Furthermore, nearly all the apartment interiors were upgraded by prior ownership, resulting in limited future capital needs at the Property. TruAmerica plans to renovate the remaining 15 apartments and add washer/dryer connections and machines to the remaining 20 apartments over the hold period. The structures consist of tunnel-form concrete construction, a rare feature in the market that leads to lower maintenance costs over time. The Property also benefits from assumable financing at an interest rate that is well below current rates in the market. The desirable location, attractive financing, and limited execution risk make the Estates at Countryside an ideal investment opportunity in the current environment.

Community Amenities

• 2 Resort Style Pools
• Fitness Center, Fitness Studio and Indoor Basketball Court
• Clubhouse and Business Center
• Bark Park with Agility Equipment
• Tennis and Shuffleboard Courts
• Detached Garages

Lakeview at Palm Harbor

Investment Highlights

Lakeview at Palm Harbor represents TruAmerica’s sixth investment in Pinellas County, bringing TruAmerica’s portfolio in the Tampa MSA to 1,739 apartments. The Property is located in the affluent Palm Harbor submarket and benefits from A-rated public schools and direct water frontage on Lake St. George. Notable employers located nearby include Mease Countryside Hospital (257 beds), Nielsen Media Research, and Lockheed Martin. There are also several world-renowned beaches within minutes of the Property, including Honeymoon Island, Caladesi Island, and Clearwater Beach.

TruAmerica plans to fully renovate the remaining 261 classic and partially renovated homes and make select, accretive upgrades to the exteriors and amenity spaces.

Property Highlights

The 292-unit property was built in 1984 and features desirable two-story construction in a low-density park-like setting with direct water frontage on Lake St. George. All homes include in-unit washer and dryer machines, and most floorplans include sunrooms. While current ownership has fully renovated 31 apartments, the remaining 261 homes are ideal candidates for value-add improvements. Upgrades to the apartment interiors in the remaining classic and partially renovated homes will include microwaves, vinyl flooring, quartz countertops, new white-shaker cabinet fronts and pulls, tile backsplash, and upgraded plumbing and lighting fixtures.
Potential amenity enhancements and upgrades include exterior paint, signage improvements, and adding new furnishings and an outdoor kitchen at the pool as well as improving the landscaping around the property.

Community Amenities

Aspire at Gateway

Investment Highlights

Aspire at Gateway represents TruAmerica’s seventh investment in Pinellas County, bringing TruAmerica’s portfolio in the Tampa MSA over 2,000 apartments. This gated community has exceptional visibility of more than 63,000 cars per day and is just minutes from major employment centers including The Gateway Business District (60K employees), St. Petersburg/ Clearwater International Airport, Downtown Clearwater (#1 Beach in the U.S), Downtown St. Petersburg and Westshore Business District (102k employees).

TruAmerica plans to all 236 classics and 93 partially renovated homes to a consistent, higher-end finish level and make select, accretive upgrades to the exteriors and amenity spaces

Property Highlights

Built in 2001 of concrete block construction, the 329-unit property features 1-, 2- and 3-bedrooms with the largest floor plans in the submarket (1,046 s.f.). All homes feature 9’ ceilings, in-unit washer and dryer machines, and patios or balconies. While current ownership has partially upgraded 93 apartments, the opportunity remains to bring all 329 units to a consistent full renovation. Upgrades to the apartment interiors in the classic and partially renovated homes will include stainless-steel appliances, vinyl flooring, quartz countertops, new white-shaker cabinet fronts, tile backsplash, and upgraded plumbing and lighting fixtures.

Potential amenity enhancements and upgrades include exterior paint, signage improvements, dog park refresh, new pool furnishings as well as improving the landscaping around the property.

Community & Unit Amenities

Sabal Palm at Carrollwood

Investment Highlights

Sabal Palm at Carrollwood represents TruAmerica’s eighth investment in the Tampa MSA and first in Hillsborough County. The property is in the Carrollwood submarket in north Tampa, FL, and benefits from a strong location central to each of the employment centers within the Tampa MSA including Downtown Tampa, the Westshore Business District, the I-75 Corridor, and the Tampa International Airport, home to employers including UPS, AdventHealth, St. Joseph’s Hospital-North, IBM, Amgen, Flexential, and USAA.

TruAmerica plans to renovate 417 of the 432 homes (97%), elevating the finish levels by adding vinyl plank flooring, painting unit interiors, cutting down the bar top, updating cabinetry, and adding quartz countertops with an undermount sink. Furthermore, TruAmerica will install washers and dryers in the remaining 126 units that have connections but do not have machines.

Property Highlights

The 432-unit property was built in 1995. The property has been well maintained, allowing most of the capital to be invested into accretive improvements to the apartment interiors. Potential amenity enhancements and upgrades include renovating the clubhouse and fitness center, adding new furnishings at the pool, painting building exteriors, and improving the landscaping around the property.

Community Amenities

Stillwater Palms

Investment Highlights

Stillwater Palms, represents TruAmerica’s eighth investment in Pinellas County, expanding TruAmerica’s portfolio in the Tampa MSA to 2,900 apartments. The property is in the Palm Harbor/Tarpon Springs submarket, west of Tampa, and benefits from a strong central location with access to US 19. The location provides access to all major employment centers within the Tampa MSA, including Palm Harbor, the Westshore Business District, the I-75 Corridor, and Tampa International Airport. These employment centers are home to employers from diverse and expanding industries including Florida Hospital North Pinellas, BayCare Health Systems, St. Petersburg College – Tarpon Springs Campus, FreightCenter, and Nationwide Title Clearing.

TruAmerica plans to fully renovate 273 of the 396 homes (69%), elevating the finish levels by adding vinyl plank flooring, tile backsplash, painting unit interiors, cutting down the countertop, updating cabinetry, and adding quartz countertops with an undermount sink. Furthermore, TruAmerica will install washers and dryer connections as well as appliances in the remaining 48 units without connections. TruAmerica will also make select upgrades to the remaining 123 previously renovated homes.

Property Highlights

The property was built in 1985 and has been well-maintained, allowing most of the capital to be invested into accretive improvements to the apartment interiors. Amenity enhancements and upgrades include renovating the clubhouse, refreshing the fitness center, adding new furnishings at the two pools, painting building exteriors, and improving the landscaping around the property.

Community Amenities

• 24-Hour Fitness Center
• Pool Cabanas
• Cardio Equipment
• Free Weights
• Picnic/Grilling Areas
• Playground
• Two Swimming Pools
• Yoga Studio
• Boat Parking
• Package Receiving Center
• Dog Park

WestEnd

Investment Highlights

WestEnd represents TruAmerica’s 10th investment in the Tampa-St. Petersburg MSA. The Property was constructed in 1985 and consists of 216 apartment homes. The asset is centrally located within the thriving Town N’ Country submarket and has direct access to FL-589, connecting the property to the broader Tampa MSA. Downtown Tampa is only 20 minutes away from the property, a short drive for residents to commute or enjoy the city’s amenities including the burgeoning Water Street neighborhood.

WestEnd is situated amongst key Tampa job centers, including the Westshore Business District (home to over 90,000 jobs), Tampa International Airport, MacDill Air Force Base, and the Gateway Office Submarket. Just one mile away is the Renaissance Center Office Park, where WellCare and CapitalOne have major offices. WestEnd is also surrounded by retail and entertainment amenities, including the Citrus Park Town Center Mall, West Park Village, and the Raymond James football stadium.

The seller completed partial upgrades to the property, including installing vinyl flooring in the ground floor apartments and stainless steel appliances in roughly half of the apartments. TruAmerica plans to continue the addition of vinyl plank flooring throughout all units and stainless steel appliances as part of the overall renovation scope. TruAmerica also plans to renovate all units with quartz countertops with undermount sink, open the kitchen via removal of excess overhead cabinetry, and upgrade lighting and plumbing fixtures. TruAmerica will also install washer and dryer connections and appliances in the studio units, as well as add private yards to select ground floor units.
TruAmerica also plans to enhance and upgrade existing amenities, including a light refresh to the clubhouse and fitness center, adding new furnishings to the pool, painting building exteriors, fully refreshing existing signage, and improving the landscaping.

Community Amenities

• Resort-Style Swimming Pool
• Resident Clubhouse
• 24-Hour Fitness Center
• Business Center
• Pet Park
• Sauna
• Picnic/Grilling Areas
• Lighted Tennis Courts
• Playground
• Sand Volleyball Court
• 24-Hour Package System

Edge at Lakeside

Investment Highlights 

The Edge at Lakeside represents TruAmerica’s first investment in the Jacksonville MSA. The asset is located in Jacksonville’s thriving Orange Park submarket with top multifamily rent growth. Located just south of I-295, Edge at Lakeside benefits from direct access to each of the major employment centers in Jacksonville including the Jacksonville Naval Air Station, Bank of America, Baptist Medical Center, the Mayo Clinic, and the Orange Park Medical Center. The medical and logistics industries have historically driven and continue to drive growth in the metro. However, as Jacksonville continues to establish itself as a business-friendly destination, a growing number of tech and finance firms have begun to open up new regional offices or fully relocate operations to Jacksonville. 

Numerous factors have contributed to Jacksonville’s rapid economic expansion, including a well-established and growing corporate presence, enviable quality of life, favorable taxes, and a skilled and dedicated workforce. Major corporations with headquarters or substantial offices throughout Jacksonville include Mayo Clinic, Bank of America, CSX Transportation, Fidelity Financial, The PGA Tour, and FIS. 

Property Highlights 

The 200-unit property was built in phases between 1984 and 1997 and features two and three-bedroom floorplans with patios and balconies. Prior ownership renovated 85 homes, leaving the remaining 115 homes in classic condition. TruAmerica will upgrade these remaining 115 homes to match the 85 homes renovated by current ownership, which includes white shaker cabinet fronts, stainless steel appliances, quartz countertops, vinyl flooring, tile backsplash in the kitchen, and upgraded fixtures and hardware.  

Community Amenities