Tuskawilla at Winter Springs represents TruAmerica’s seventh acquisition in the state of Florida and fifth investment in the Orlando MSA. Orlando has lead the nation in employment growth over the past several years, and the strong performance is expected to continue in 2018. Tuskawilla at Winter Springs benefits from a prime location within Seminole County, with desirable retail offerings in the immediate area and access to A-rated public schools. Only a limited number of interior renovations were completed under the prior ownership. Implementing interior renovations and targeted exterior and common area improvements will provide an opportunity for strong rent growth.
Tuskawilla at Winter Springs is a 368-unit property located in Winter Springs, FL within the Orlando MSA. The Property was built in two phases, with Phase I delivering in 1987 and Phase II completing in 1999. The asset features an attractive unit mix of one, two, and three-bedroom homes with spacious floorplans averaging 979 square feet. All of the homes feature full-size washers and dryers, central air conditioning, and spacious walk-in closets, while select units feature patios, fireplaces, and/or solariums.
Tuskawilla at Winter Springs benefits from a prime location within Seminole County, conveniently situated near desirable retail and employment centers. The Property is located directly south of Willa Springs Village, a Publix-anchored shopping center with an attractive lineup of fast-casual restaurants and necessity retailers including Chipotle Mexican Grill, Starbucks, Panera Bread, and Chase Bank. Across the street is a second grocery-anchored center featuring the Fresh Market, while Target and Lowe’s are located three miles east of the Property at Oviedo Park Crossing. Demand for Tuskawilla at Winter Springs is driven by access to top employment centers located nearby. The Central Florida Research Park is just 15 minutes away and is home to Lockheed Martin, Boeing, Apple, Raytheon, Northrop Grumman, and Siemens. The Winter Park office market with 32,000 employees is located just 10 minutes southwest of the Property. Nearby universities include Rollins College, Full Sail University, and the University of Central Florida, the second largest university in the country with a student population approaching 65,000. With nearby single-family home prices north of $350,000, the 2- and 3-bedroom floorplans at Tuskawilla at Winter Springs provide a cost-effective alternative for families looking to benefit from the highly-rated Seminole County public schools.