Central Park represents TruAmerica’s first acquisition of 2018 and fourth investment in the Orlando MSA. Orlando has lead the nation in employment growth over the past several years, and the strong performance is expected to continue in 2018. Central Park benefits from a prime location within Altamonte Springs. The Property is surrounded by desirable retail offerings and assigned to A-rated Seminole County schools. The asset has been well maintained by prior institutional ownership, but only a limited number of interior renovations have been completed to date. Implementing interior renovations and targeted exterior and common area improvements will provide an opportunity for strong rent growth.
Central Park is a 362-unit property located in Altamonte Springs, FL within the Orlando MSA. The Property was built in two phases, with Phase I delivering in 1992 and Phase II completing in 2000. The asset features an attractive unit mix of one, two, and three-bedroom homes with spacious floorplans averaging 877 square feet. All of the homes feature full-size washers and dryers, central air conditioning, ceiling fans, and spacious walk-in closets, while select units feature 9’ ceilings.
Central Park benefits from a prime, walkable location within Altamonte Springs. The Property is directly adjacent to the Altamonte Mall, a 1.2- million SF upscale regional mall anchored by Macy’s and Dillards and featuring an Apple Store and an AMC theater. The Uptown Altamonte mixed-use area and the Renaissance Centre retail cluster are also located within walking distance and feature a Whole Foods, Starbucks Coffee, and Publix Supermarket. Demand for Central Park is driven by access to top employment hubs including the Maitland Center office park, with over 7 million square feet of space and home to major employers including Digital Risk, EA-Tiburon, Charles Schwab ADP, FedEx, CNA, and Fidelity. The Lake Mary/Heathrow office parks are located 6.1 miles north of the Property and feature white-collar employers such as Verizon, AAA, Spring, Mitsubishi-Hitachi, and JP Morgan Chase. For commuters, Central Park provides convenient transit and highway access to the Altamonte SunRail station and Interstate-4 less than 1-mile away. Central Park provides exceptional access to leisure and outdoor activities in the Altamonte Springs area, including Cranes Roost Park, a 45-acre waterfront park, and the RDV Sportsplex, a $60 million 365,000 SF sports and recreation facility.