Solis at Winter Park represents TruAmerica’s sixth acquisition in the Orlando MSA. Orlando continues to lead the nation in job growth, driving strong increases in market rents. The desirable Winter Park submarket is home to top universities and employment centers and features highly rated public schools. Solis at Winter Park represents a true value-add opportunity with all apartment interiors featuring an early-cycle renovation, providing an opportunity to renovate to a more modern finish level and achieve strong renovation premiums. TruAmerica also plans to enhance the community amenity spaces by renovating the clubhouse and creating a crossfit gym by repurposing an existing racquetball court.
Solis at Winter Park is a 596-unit property located in Winter Park, FL within the Orlando MSA. The Property was built in 1986 and consists of 32 two-story and three-story residential buildings on 30 acres, providing an attractive low-density setting. The asset features an attractive unit mix of one-bedroom and two-bedroom homes with floorplans averaging 862 square feet. The apartments feature full size washers and dryers, ceiling fans, walk-in closets, and vaulted ceilings in the upper floor homes.
Situated at the intersection of University Boulevard and Goldenrod Ave, Solis at Winter Park is directly adjacent to a Publix-anchored shopping center, and additional retail nearby includes Target, Starbucks, Chase Bank, Wells Fargo Bank, Costco, and numerous fast-casual restaurants. Major demand drivers for the Property include the Maitland Center office park, with nearly 7.5 million square feet of space and home to major employers such as Digital Risk, EA-Tiburon, Charles Schwab ADP, FedEx, CNA, and Fidelity. The Central Florida Research Park is also located nearby and features top employers in the tech and research fields including Boeing, Apple, Cisco, Northrop Grumman, and Raytheon. The Winter Park Memorial Hospital, a 320-bed facility that employs nearly 1,500 healthcare professionals, is located just over 2 miles east of the Property. Winter Park Memorial is completing an $85 million expansion project that will add 80 private rooms and require increased staffing levels. Solis at Winter Park also benefits from access to strong educational institutions including Rollins College, Full Sail University, and the University of Central Florida. UCF, located 5 miles to the east, is the 2nd largest university in the US with more than 66,000 students and over 12,000 employees. The Property is also assigned to highly-rated Winter Park public schools, providing an attractive benefit for families with children.