MIAMI—Continental Realty Advisors (CRA) is making moves in the Orlando multifamily scene. One of the Denver-based multifamily housing owner's funds has snapped up Bonita Fountains Apartment Homes.
"Bonita Fountains is a quality addition to Continental's portfolio,” says Warren Horvath, director of Acquisitions at CRA. “Bonita's location is focused on affordability but in close proximity to many tourism, service and manufacturing jobs which should sustain the viability of the area for the long term."
The multifamily property is located southwest of Downtown Orlando, in the south central submarket. Bonita Fountains was built in two phases during 1988 and 2000, and offers 560 multifamily units that average 862 square feet per unit.
“We intend to create a sizeable southeastern portfolio with significant holding in Florida markets,” Horvath says. “Orlando's affordability, compared to the coastal Florida markets, is capturing a lot of population growth in Florida."
Ryan Snyder, Investment Manager for CRA, says the deal came with an attractive in-place cap rate. He anticipates a “long-term upside potential with our planned capital improvements." CRA is planning over $3.5 million in capital improvements on the multifamily community during the next 12-24 months in an effort to enhance the lifestyle of community residents.
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