(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

ORLANDO—Polos East at Waterford has a new owner—and a new name. Advenir acquired the 308-unit multifamily community for $27.1 million and has rebranded it as Advenir at Polos East. The deal brings Advenir’s multifamily acquisition total up to 2,300 units in the past 12 months.

“In the coming 12 months we are focused on acquiring an additional 2,000 plus units,” Todd Linden, chief acquisition officer of Advenir, tells GlobeSt.com. “The strong market fundamentals combined with historically low interest rates are creating double digit cash on cash yields, which our private high net worth investors struggle to duplicate with traditional investment opportunities.”

Located in the upscale Waterford Lakes submarket of Orlando, Advenir at Polos East fits the firm’s core investment criteria. The multifamily asset was constructed in 1991 and is 94% leased. Currently, rents average $750 to $1,100 per month.

“We were attracted to Advenir at Polos East because of the significant value to replacement cost, strong market fundamentals and clear value-add potential,” Linden says, noting that the firm will implement a $1.8 million capital improvement program focused on the multifamily asset’s exterior, common areas and unit interiors.  

“The capital improvement efforts will create a modernized apartment community that will better serve the 20 to 34 resident demographic that dominates the UCF/Southeast Orlando submarket,” Linden says. Exterior improvements include new signage, exterior paint, and parking lot repairs. The clubhouse will be modernized to appeal to the younger resident demographic. The interior improvements aim to help Advenir raise rents $75 per unit.

Kevin Judd, Patrick Dufour and Matt Wilcox of ARA represented the seller, a national-based REIT.  “Being surrounded by ample employment opportunities and limited new supply, Advenir at Polos East demonstrates strong potential to increase rents over the long term," Judd said in a statement. "The property is only three miles south of the University of Central Florida, which is the second largest public university by enrollment in the USA with 58,800 students and employs over 10,000 people."