Ashley Lake Park

Investment Highlights

Ashley Lake Park is TruAmerica’s fifth acquisition of 2017.  The transaction represents TruAmerica’s third investment in Florida and first investment in the Southeast Florida market.  Ashley Lake Park is a well-located institutional quality asset built in 1987 and features concrete block construction.  TruAmerica acquired the asset at a significant discount to replacement cost from an owner that TruAmerica has transacted with in the past.  Prior ownership completed targeted improvements to common areas and amenity spaces and modest interior upgrades in select apartment homes, leaving all unit interiors in need of further upgrades with the potential to achieve strong renovation premiums.

Property Highlights

Ashley Lake Park is a 300-unit property located in Boynton Beach, FL.  The Property features an attractive unit mix of one, two, and three-bedroom homes with spacious floor plans averaging 890 square feet.  The apartment homes surround a small lake, and the low-density setting provides residents with ample outdoor amenity spaces.  All of the apartments feature full-size washers and dryers, central heat and air conditioning, walk-in closets, and balconies or patios.  Select units feature vaulted ceilings and lake views.

Ashley Lake Park benefits from an outstanding location as it is 15 miles south of West Palm Beach and 10 miles north of Boca Raton, both of which are major employment centers.  Additionally, the Property has strong highway access as it is less than four miles from both I-95 and the Florida Turnpike, allowing residents to access major employment and lifestyle corridors throughout southeast Florida.  Retail centers including Publix, Walmart, and the Boynton Beach Mall (Dillard’s, Macy’s and JCPenny) are all within a 10-minute drive of the Property and Oceanfront Park, one of South Florida’s most attractive beaches, is just five miles to the east.

Amenities

Central Park

Investment Highlights

Central Park represents TruAmerica’s first acquisition of 2018 and fourth 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.  Central Park benefits from a prime location within Altamonte Springs.  The Property is surrounded by desirable retail offerings and assigned to A-rated Seminole County schools.  The asset has been well maintained by prior institutional ownership, but only a limited number of interior renovations have been completed to date.  Implementing interior renovations and targeted exterior and common area improvements will provide an opportunity for strong rent growth.

Property Highlights

Central Park is a 362-unit property located in Altamonte Springs, FL within the Orlando MSA.  The Property was built in two phases, with Phase I delivering in 1992 and Phase II completing in 2000.  The asset features an attractive unit mix of one, two, and three-bedroom homes with spacious floorplans averaging 877 square feet.  All of the homes feature full-size washers and dryers, central air conditioning, ceiling fans, and spacious walk-in closets, while select units feature 9’ ceilings.

Central Park benefits from a prime, walkable location within Altamonte Springs.  The Property is directly adjacent to the Altamonte Mall, a 1.2- million SF upscale regional mall anchored by Macy’s and Dillards and featuring an Apple Store and an AMC theater. The Uptown Altamonte mixed-use area and the Renaissance Centre retail cluster are also located within walking distance and feature a Whole Foods, Starbucks Coffee, and Publix Supermarket.  Demand for Central Park is driven by access to top employment hubs including the Maitland Center office park, with over 7 million square feet of space and home to major employers including Digital Risk, EA-Tiburon, Charles Schwab ADP, FedEx, CNA, and Fidelity.  The Lake Mary/Heathrow office parks are located 6.1 miles north of the Property and feature white-collar employers such as Verizon, AAA, Spring, Mitsubishi-Hitachi, and JP Morgan Chase.  For commuters, Central Park provides convenient transit and highway access to the Altamonte SunRail station and Interstate-4 less than 1-mile away.  Central Park provides exceptional access to 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.

Amenities

Tuskawilla at Winter Springs

Investment Highlights

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.

Property Highlights

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.

Amenities

Four Lakes at Clearwater

Investment Highlights

Four Lakes at Clearwater (f/k/a Liv @ Clearwater and Reserve at Clearwater) represents TruAmerica’s first acquisition in the Tampa-St. Petersburg-Clearwater MSA. The MSA exhibits very strong economic and multifamily fundamentals as average annual job growth continues to exceed the national average, driving increases in market rents. Current ownership has proven a successful value-add strategy by renovating select homes. TruAmerica plans to build upon the existing strategy by renovating the remaining apartment homes and making accretive improvements to amenities and common areas, providing an opportunity to achieve strong renovating premiums.

Property Highlights

Four Lakes at Clearwater is a 461-unit property located in Clearwater, FL within the Tampa-St. Petersburg-Clearwater MSA. The Property was built in 1985 and consists of 44 concrete block two-story residential buildings on 36 acres, providing an attractive low-density setting. The asset features an attractive unit mix of studio, one, and two-bedroom homes with floor plans averaging 806 square feet. The apartments feature full-size washers and dryers, ceiling fans, walk-in closets, a breakfast bar, and balconies or patios.

Four Lakes at Clearwater is conveniently situated near US 19, the major north-south thoroughfare in Clearwater, providing residents with access to desirable employment centers, retail destinations, and top-rated beaches throughout Clearwater and St. Petersburg. The Property is located within the Gateway/Carillon Office Market, home to 60,000 employees and 8.7 million square feet of office space. The Carillon Office Park, located 10 minutes to the east, features major employers such as Raymond James Financial (4,200 employees), Franklin Templeton Investments, Transamerica, and Allstate. A Publix-anchored shopping center is located just five minutes north of the Property and features an attractive mix of necessity retailers and fast-casual restaurants, including Chipotle Mexican Grill. Clearwater-St. Petersburg is also home to two of America’s top ten beaches, as the #3 St. Pete Beach and #4 Clearwater Beach drive tourism in the area with Pinellas County attracting 6.3 million visitors in 2016.

Amenities

Solis at Winter Park

Investment Highlights

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.

Property Highlights

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.

Unit Amenities

Fourteen01

Investment Highlights

Fourteen01 represents TruAmerica’s seventh investment in the Orlando MSA and tenth investment in the state of Florida. The Property was acquired at an attractive basis, representing a significant discount to recent trades and replacement cost. Fourteen01 benefits from a prime location within the Metrowest sub-market, less than five miles from Downtown Orlando. Located along South Kirkman road, the Property sits across the street from Valencia College, the third largest community college in the state of Florida. Other major employers nearby include Universal Orlando Resort and the Orlando Health Regional Medical Center. The Orlando MSA continues to lead the nation in job growth, adding more than 52,000 new jobs during 2018.

Fourteen01 is a true value-add opportunity as the previous owner renovated only 7% of the apartment homes. TruAmerica plans to renovate the remaining classic homes and upgrade the amenities, common areas, and exteriors, providing an opportunity to earn strong renovation premiums.

Property Highlights

Built in 1990 as Island Club, the property is a gated community with 472 apartment homes. The Property features a mix of one-, two-, and three-bedroom floor-plans located on a low-density 42-acre site. All homes include walk-in closets, ceiling fans, full-size washers and dryers, and a patio or balcony, while select homes feature vaulted ceilings and fireplaces. Common area amenities include two lakes, two large resort-style pools, a resident clubhouse, fitness center, business center, bark park, lighted tennis court and picnic and barbecue areas. TruAmerica plans to upgrade the apartment interiors in the remaining classic apartment homes with stainless appliances, white-shaker cabinet fronts, hard-surface flooring, resurfaced counter tops, and new lighting and plumbing fixtures. Other improvements will include upgrades to the pool areas, clubhouse, fitness center, and landscaping.

Community Amenities

The Fairways at Lake Mary

Investment Highlights

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%.

Property Highlights

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.

Community Amenities

Runaway Bay

Investment Highlights

Runaway Bay was acquired as part of a two-property portfolio that represents TruAmerica’s second investment in the Tampa-St. Petersburg-Clearwater MSA.  The property benefits from an excellent location in the high barrier-to-entry Pinellas Park submarket. Multifamily fundamentals in the broader Tampa MSA remain strong with occupancy rates near 96% and rent growth over 5% year over year. The already thriving Tampa metro area is only continuing to grow its economy, adding nearly 40,000 jobs per year and experiencing a 51% increase in high wage job growth. These strong economic indicators combined with the rare opportunity to renovate all of the apartment homes provide an excellent value-add opportunity.

Property Highlights

Runaway Bay, a lake-side 192-unit property located in the Tampa-St. Petersburg-Clearwater MSA, was built in 1984. The property consists of 16 two-story residential buildings over 14 acres, providing a desirable low-density setting. Runaway Bay features an attractive mix of one and two-bedroom homes with floor plans averaging 862 square feet. All of the homes feature washers and dryers and expansive walk-in closets.

Runaway Bay represents a true-value add opportunity. None of the apartments have been fully renovated, leaving room for accretive value-add upgrades to all of the apartment interiors. The apartment upgrades will include stainless-steel appliances, vinyl flooring, new laminate countertops, white shaker cabinets, and updated fixtures and hardware. The asset will also benefit from select exterior and common area upgrades, including a light refresh of the clubhouse and new fitness equipment. New landscaping, new signage, and an exterior pressure wash will improve the curb appeal of Runaway Bay.

Runaway Bay provides great access to employment with over 200,000 jobs in a 20-minute drive of the Property. There are two major shopping centers within fifteen minutes of the asset, one anchored by Publix and the other by a Publix and a Whole Foods. These shopping centers also feature desirable retail and dining, including Target, Home Depot and Starbucks. Runaway Bay is within 15 minutes of some of the top beaches in America, including Clearwater Beach and St. Pete Beach, and within 20 minutes of two international airports, Tampa International Airport (TPA) and St. Pete – Clearwater International Airport (PIE).

Community Amenities

Twin Lakes

Investment Highlights

Twin Lakes was acquired as part of a two-property portfolio that represents TruAmerica’s second investment in the Tampa-St. Petersburg-Clearwater MSA.  The property benefits from an excellent location in the Palm Harbor submarket, which has seen no new development since 2004. Palm Harbor is surrounded by medical employers and contains highly-rated public school. Multifamily fundamentals in the broader Tampa MSA remain strong with occupancy rates near 96% and rent growth over 5% year over year. The already thriving Tampa metro area is only continuing to grow its economy, adding nearly 40,000 jobs per year and experiencing a 51% increase in high wage job growth. These strong economic indicators combined with the rare opportunity to renovate all of the apartment homes provide an excellent value-add opportunity.

Property Highlights

Twin Lakes, a 262-unit property located in the Tampa-St. Petersburg-Clearwater MSA, was built in 1986. The property has unique architecture and a low-density setting, consisting of 28 two-story residential buildings over 26 acres. Twin Lakes features an attractive mix of one and two-bedroom homes with floor plans averaging 826 square feet. All of the homes have expansive walk-in closets, and washer/dryer connections.

Twin Lakes represents a true-value add opportunity. None of the apartment homes have been fully renovated, leaving room for accretive value-add upgrades to all of the apartment interiors. Interior upgrades will include stainless-steel appliances, white shaker cabinets, stone countertops, a tile backsplash, vinyl flooring, upgraded fixtures and hardware, and adding washer and dryer machines in remaining homes. The asset will also benefit from select exterior and common area upgrades, including a light refresh of the clubhouse and new fitness equipment. New landscaping, exterior paint, and a pressure wash will improve the curb appeal of Twin Lakes.

Twin Lakes provides great access to employment with over 150,000 jobs in a 20-minute drive of the Property. Lockheed Martin, Nielsen Media Research, and several medical centers are all within 15 minutes. There are two major shopping centers within five minutes of the asset, one anchored by Publix and the other by Whole Foods. These shopping centers also feature desirable retail and dining, such as CVS, Macy’s, Starbucks and Chipotle. Twin Lakes is within 10 minutes of several beaches and 20 minutes from the Tampa International Airport (TPA).

Community Amenities

Bayou Point

Investment Highlights

Bayou Point represents TruAmerica’s third investment and fourth property in the Tampa-St. Petersburg-Clearwater MSA. Located in the affluent Bayou Club neighborhood of Pinellas Park, the property presents an opportunity for residents to make their home in an area with single family homes selling north of $400,000 and convenient access to major employment centers and some of the United States’ top ranked beaches. Bayou Point is located within the Gateway/Carillon Office Market, home to 60,000 employees and 8.7 million square feet of office space.  The Carillon Office Park, located 15 minutes to the east, features major employers such as Raymond James Financial (4,200 employees), Franklin Templeton Investments, Transamerica, and Allstate.

TruAmerica plans to renovate the remaining classic homes, as well as make select, accretive upgrades to the partially renovated homes, exteriors, and amenity spaces.

Property Highlights

Bayou Point is a 212-unit property built in 1988 that features a desirable low-density setting with 12.66 homes per acre. Anticipated apartment upgrades to the classic apartments include new stainless-steel appliances, stone 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, stone countertops, vinyl flooring, and stainless-steel appliances in select homes.

Community Amenities