JV Buys Camden Fountains Apartments

The acquisition, at $43,000 per unit, is the joint venture's second multifamily purchase in the metro area in a year. The JV paid Fletcher Bright Properties approximately $16 million, or $43,579 per unit, last year for the 366-unit Howell Branch Station apartments in Maitland. The partnership owns 45 properties in Florida.

Even with a 93% occupancy level, John Harvatin, vice president and chief operating officer of Affirmative Equities, says the partnership plans to a complete exterior and interior renovation of the property "to enhance its attractiveness to current and future tenants."

Mark Lippmann, vice president and head of Praedium's Southeast acquisition group, says the JV doesn't plan to convert the units to condos "at this time." Lippmann says the deal was done at this time because "we like the Florida markets. The opportunities there are consistent with our plan to buy under-performing assets and undertake physical improvements to [generate] better economic performance."

The acquisition closed in less than three weeks. The property was on the market for only two months. Robert W. Miller, senior vice president of multifamily investments in the Orlando office of CB Richard Ellis Inc., negotiated for the seller.

"This was an extremely smooth transaction," Miller tells GlobeSt.com. "For my client to close the deal in 30 days was a requirement and this team was able to executive under those circumstances."

Miller says the condo conversion market throughout the state "remains red hot. I never thought the market would be able to sustain the momentum it has." The broker tells GlobeSt.com he has "several more deals ready to close" involving apartments being converted to condominium homes.