Fourteen01 represents TruAmerica’s seventh investment in the Orlando MSA and tenth investment in the state of Florida. The Property was acquired at an attractive basis, representing a significant discount to recent trades and replacement cost. Fourteen01 benefits from a prime location within the Metrowest sub-market, less than five miles from Downtown Orlando. Located along South Kirkman road, the Property sits across the street from Valencia College, the third largest community college in the state of Florida. Other major employers nearby include Universal Orlando Resort and the Orlando Health Regional Medical Center. The Orlando MSA continues to lead the nation in job growth, adding more than 52,000 new jobs during 2018.
Fourteen01 is a true value-add opportunity as the previous owner renovated only 7% of the apartment homes. TruAmerica plans to renovate the remaining classic homes and upgrade the amenities, common areas, and exteriors, providing an opportunity to earn strong renovation premiums.
Built in 1990 as Island Club, the property is a gated community with 472 apartment homes. The Property features a mix of one-, two-, and three-bedroom floor-plans located on a low-density 42-acre site. All homes include walk-in closets, ceiling fans, full-size washers and dryers, and a patio or balcony, while select homes feature vaulted ceilings and fireplaces. Common area amenities include two lakes, two large resort-style pools, a resident clubhouse, fitness center, business center, bark park, lighted tennis court and picnic and barbecue areas. TruAmerica plans to upgrade the apartment interiors in the remaining classic apartment homes with stainless appliances, white-shaker cabinet fronts, hard-surface flooring, resurfaced counter tops, and new lighting and plumbing fixtures. Other improvements will include upgrades to the pool areas, clubhouse, fitness center, and landscaping.