{"id":1004105969,"date":"2014-10-22T05:52:56","date_gmt":"2014-10-22T13:52:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004105969"},"modified":"2022-12-06T17:35:15","modified_gmt":"2022-12-07T01:35:15","slug":"atlas-residential-buys-150m-m-f-portfolio-in-orlando","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/atlas-residential-buys-150m-m-f-portfolio-in-orlando\/","title":{"rendered":"Atlas Residential Buys $150M M-F Portfolio in Orlando"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/ATLAS.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004105970\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/atlas-residential-buys-150m-m-f-portfolio-in-orlando\/atlas\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/ATLAS.jpg\" data-orig-size=\"900,520\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;10&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D3&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1389624337&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;16&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"ATLAS\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/ATLAS.jpg?w=900\" class=\"alignright size-medium wp-image-1004105970\" alt=\"ATLAS\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/ATLAS.jpg\" width=\"300\" height=\"173\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/ATLAS.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/ATLAS.jpg?resize=300,173 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/ATLAS.jpg?resize=768,444 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>In Orlando, Fla.\u2019s largest apartment transaction of 2014, Atlas Residential has acquired a 1,024-unit multi-family portfolio from a large national owner-operator for $150 million.<\/p>\n<p>The portfolio consisted of Crowntree Lakes and Alexandria Parc Vue. CBRE Capital Markets represented the seller in the transaction.<\/p>\n<p>\u201cThe demand from investors for apartment properties in Florida has increased throughout this year,\u201d Leslie Andren, Atlas Residential\u2019s chief investment officer, told <i>Commercial Property Executive<\/i>. \u201cWe bought Alexandria\/Parc Vue to do a value add renovation program on the interiors because we like the location and market conditions for that asset, and we bought Crowntree Lakes since it is a newer, Class A+, stabilized asset closer to the Orlando airport.\u201d<\/p>\n<p>Located at 5759 Crowntree Lane, the 352-unit Crowntree Lakes is situated between East Orlando\u2019s two largest employment centers\u2014Medical City at Lake Nona and the University of Central Florida. Interior amenities include granite countertops, GE appliances, walk-in closets, washer\/dryers, and garden soaking tubs. The property also features a resort-style pool and sundeck; Wi-Fi in resident common areas; 24-hour fitness center; stadium-seating theatre room; billiards room; summer kitchen with grills; lakeside walking trail; car-care center; children\u2019s playground; dog park and gated entrance.<\/p>\n<p>Located less than a mile from Disney World at 10649 Bastille Lane, the 672-unit Alexandria Parc Vue offers walk-in closets, washer\/dryers and breakfast bars. The property includes four resort-style pools and sundecks; a state-of-the-art Wi-Fi business center; two 24-hour fitness centers; a spacious Wi-Fi clubhouse; outdoor grill; car-care center; children\u2019s playground; game room with flat-screen televisions and two tennis courts.<\/p>\n<p>Atlas Residential will be renovating the Alexandria\/Parc Vue property with new kitchens, bathrooms, wood vinyl plank flooring and new appliances.<\/p>\n<p>\u201cWe like the growing job market in Orlando, so that drove our decision to purchase these assets, as well as the value-add opportunity on Alexandria\/Parc Vue,\u201d Andren added. \u201cWe liked the fact that we could combine these two assets into a small portfolio to average up the returns on the Class A+ Crowntree asset by completing the value add on the Alexandria\/Parc Vue asset.\u201d<\/p>\n<p>A recent CBRE report predicted rents in Orlando will increase 3.5 to 4 percent each year for the next five years, and average occupancy should hold very strong in the 94- to 95-percent range.<\/p>\n<p>\u201cApartment fundamentals in Orlando are very solid right now in terms of rent and occupancy growth, and local job formation is gaining great momentum,\u201d Shelton Granade, senior vice president within CBRE\u2019s Investment Properties Group, told <i>CPE<\/i>. \u201cWe\u2019re forecasting 4 percent-plus rent growth in each of the next five years and the best employment percentage growth in the country through 2019. Those metrics bode very well for Orlando and for the local multi-housing sector.\u201d<\/p>\n<p>According to Andren, Atlas is interested in value add to Class A apartment assets in the southeast, the southwest and in Chicago.<\/p>\n<p>\u201cWe buy opportunistically in markets where job growth is expected to stay strong for the near future to capture an increasing population of renters that usually happen when there is job growth,\u201d she concluded. \u201cWe like larger sized acquisitions since our sources of capital prefer to place funds in investments in larger chunks. One of the things we are currently working on is taking The Spire development in Chicago out of bankruptcy to restart the original develop plan for that asset, as the world\u2019s next tallest building.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Orlando\u2019s largest apartment transaction of 2014, Atlas Residential has acquired a 1,024-unit multi-family portfolio from a large national owner-operator.<\/p>\n","protected":false},"author":451,"featured_media":1004105970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742],"tags":[],"class_list":["post-1004105969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Atlas Residential Buys $150M M-F Portfolio in Orlando - 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