Parke East represents TruAmerica’s first acquisition of 2020 and tenth investment in the Orlando MSA. The Property was purchased at an attractive basis, well below current replacement costs, and benefits from a central location in East Orlando roughly 10-minutes from the downtown Orlando CBD. Orlando’s growth story has been phenomenal as the MSA has led the nation in job growth each year over the last five years. Parke East also represents a true value-add opportunity as all of the apartments are ideal candidates for value-add improvements.
Parke East is a 272-unit property built in two phases between 1985 and 1989. Anticipated apartment upgrades to the classic apartments include new stainless-steel appliances, granite countertops, white shaker cabinet fronts and pulls, vinyl flooring, tile backsplash, and upgraded plumbing and lighting fixtures. Anticipated apartment upgrades to the partially renovated units include painted cabinet fronts with new modern pulls, granite countertops, and add tile backsplash.
Parke East benefits from a prime location within the East Orlando submarket and is centrally located between several major employment centers and educational institutions. Nearby employers include Lockheed Martin’s mission systems and training facility (7,000 employees), the global headquarters for Siemens wind and power division (3,800 employees), and Advent Health East Orlando (295 bed hospital). Parke East also benefits from nearby educational institutions. Five miles east of the Property is the University of Central Florida, the largest university in the country.