Ashley Lake Park is TruAmerica’s fifth acquisition of 2017. The transaction represents TruAmerica’s third investment in Florida and first investment in the Southeast Florida market. Ashley Lake Park is a well-located institutional quality asset built in 1987 and features concrete block construction. TruAmerica acquired the asset at a significant discount to replacement cost from an owner that TruAmerica has transacted with in the past. Prior ownership completed targeted improvements to common areas and amenity spaces and modest interior upgrades in select apartment homes, leaving all unit interiors in need of further upgrades with the potential to achieve strong renovation premiums.
Ashley Lake Park is a 300-unit property located in Boynton Beach, FL. The Property features an attractive unit mix of one, two, and three-bedroom homes with spacious floor plans averaging 890 square feet. The apartment homes surround a small lake, and the low-density setting provides residents with ample outdoor amenity spaces. All of the apartments feature full-size washers and dryers, central heat and air conditioning, walk-in closets, and balconies or patios. Select units feature vaulted ceilings and lake views.
Ashley Lake Park benefits from an outstanding location as it is 15 miles south of West Palm Beach and 10 miles north of Boca Raton, both of which are major employment centers. Additionally, the Property has strong highway access as it is less than four miles from both I-95 and the Florida Turnpike, allowing residents to access major employment and lifestyle corridors throughout southeast Florida. Retail centers including Publix, Walmart, and the Boynton Beach Mall (Dillard’s, Macy’s and JCPenny) are all within a 10-minute drive of the Property and Oceanfront Park, one of South Florida’s most attractive beaches, is just five miles to the east.