Investment Highlights
The Crest at Altamonte represents TruAmerica’s ninth investment in the Orlando MSA. Orlando has led the nation in job growth over the past 5 years, and Forbes determined the city to be the best market for real estate investment in 2019. The Crest is located within the desirable Altamonte Springs submarket. The Property is conveniently located near top employment centers in Maitland and Lake Mary, while the City of Altamonte Springs provides numerous entertainment and retail offerings. The asset has been well maintained by prior institutional ownership and requires minimal deferred maintenance and exterior improvements. Furthermore, the apartment interior finishes are in original condition, providing a rare opportunity to renovate all of the apartment interiors and achieve strong renovation premiums.
Property Highlights
The Crest at Altamonte consists of 340 apartments and is located in Altamonte Springs, FL within the Orlando MSA. Built in 1986, the property features two-story buildings in a desirable low-density setting. Prior ownership completed several notable capex projects including new roofs, new Hardie siding, and a full parking lot overlay. The community features an attractive mix of one-bedroom, two-bedroom, and unique two-bedroom townhome style floorplans. The apartments consist of large floorplans with an average of 1,062 square feet. All of the apartments include full size washers and dryers or connections and a screened in patio or balcony, and the 2nd floor homes feature vaulted ceilings.
The Crest at Altamonte is situated in a prime location within Altamonte Springs. There are various entertainment options in the area, including the Altamonte Mall and The Renaissance center. The Altamonte Mall, just 1-mile from the property, includes Macy’s, Dillards, a recently renovated Apple store, and an AMC Theater. The Renaissance Centre retail cluster features Whole Foods, Starbucks Coffee, and Publix Supermarket. Demand for apartments is driven by local employment hubs in Lake Mary and Maitland. Major employers located in the nearby Maitland Center office park include Digital Risk, EA-Tiburon, Charles Schwab, ADP, FedEx, CNA, and Fidelity. The Lake Mary/Heathrow office market located to the north is home to Verizon, AAA, Spring, Mitsubishi-Hitachi, and JP Morgan Chase. The property’s close proximity to Interstate-4 and the Altamonte SunRail station makes it a prime location for commuters. Additionally, there are plenty of 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.
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