ALTAMONTE SPRINGS, FL-Philadelphia-based PRG Real Estate Management has acquired the 174-unit Altamonte Trace Apartments at 828 Orienta Ave. for $9.3 million, or $53,448 per unit. PRG plans to spend an additional $5,000 per unit on capital improvements.
The New Jersey-based seller was represented by Livingston, NJ-based Gebroe-Hammer Associates and Miami-based Lucky Commercial Realty Inc. "The seller had owned the property for nearly 20 years and was retiring," Gebroe-Hammer senior vice president Joseph Brecher tells GlobeSt.com. Attorney for the seller was John Dumont, of Princeton, NJ-based Dumont and Watson. Attorney for the buyer was Allen Scott, of Radnor, PA-based McCausland, Keen and Buckman.
The property, which was about 96% occupied at the time of the sale, consists of 12 two-story buildings with studio, one- and two-bedroom units. The community includes a clubhouse and swimming pool. Exterior renovation plans include paving of interior roads, rehabilitation of the tennis courts, irrigation of the land, and renovations to the clubhouse. "The property hadn't been upgraded in a while," Brecher says. "The buyer felt it had significant upside potential. With renovations, the buyer feels rental growth can be achieved."
The property is located one mile from the Altamonte Springs Mall. PRG owns several multifamily properties in Florida, including Jacksonville and St. Petersburg. The company has added 17 properties to its portfolio over the past five years and now owns 32 multifamily communities throughout the country.
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