The Fairways at Lake Mary (a.k.a "Legends Lake Mary") represents TruAmerica’s eighth investment in the Orlando MSA and eleventh investment in the state of Florida. The property benefits from an outstanding location within the desirable Lake Mary submarket. Lake Mary boasts exceptional demographics and strong public schools, with major employers nearby including Deloitte Consulting, AAA Global Headquarters, Chase Card Services, and numerous medical centers. The property features unique two-story low-density construction (8 homes per acre) with large floorplans and attached garages in all homes. Rising construction and land costs have made it economically unfeasible to replicate this type of property in the current market environment. The broader Orlando MSA continues to demonstrate strong job growth with nearly 50,000 new jobs in the last 12 months, representing an increase of 3.9%.
The 272-unit property was built in 1997 and bordering the Timacuan Golf Club. The community features large floorplans averaging 1,143 sf and an attractive apartment mix of one-, two-, and three-bedroom homes. All of the homes feature direct access attached garages, expansive walk-in closets, a solarium or patio, and full-size washers and dryers.
The Fairways at Lake Mary represents a true value-add opportunity. Current ownership made minor upgrades to select apartments, but all homes are ideal candidates for value-add improvements including stone countertops, stainless appliances, hard-surface flooring, and white shaker cabinet faces. The asset will also benefit from exterior and common area upgrades. TruAmerica’s planned improvements to the amenity spaces include a refresh of the clubhouse, upgrades to the fitness center, improvements to the pool area, and repairs to the tennis court, playground, and beach volleyball court. New landscaping, updated signage, and a fresh exterior paint will enhance and improve the overall image and curb appeal of the property. TruAmerica also plans to install low flow plumbing fixtures, LED interior and exterior lighting, and programmable thermostats in select homes.