Park Place at Maguire in Orlando, FL is a 242-unit multifamily property.
NEW YORK CITY—Locally-based real estate investment firm the Praedium Group has acquired a total of 530 multifamily units in purchases of apartment communities in Orlando, FL and Austin, TX.
The company reports it has acquired the Fox Hill Apartments in Austin and Park Place at Maguire in Orlando. The Praedium Group acquired the Orlando property for $49.55 million. No further financial details for either transaction were released.
Fox Hill was built in 2010 and consists of 288 one-, two-, and three-bedroom units ranging in size from 899 square feet to 1,313 square feet. Unit interiors include nine-foot ceilings, black or stainless steel appliances, granite countertops, faux wood flooring throughout the kitchen and living areas, large walk-in closets, garden tubs, washer/dryers or connections, and patios/balconies with storage. Community amenities include a swimming pool, conference center, business center, clubhouse with lounge area, an outdoor playground, BBQ grills, an electric car charging station, a dog park, and walking path.
The Praedium Group reports it plans to initiate a targeted capital improvement program, consisting of unit interior and common area renovations at the property.
Peter Calatozzo, managing director of the Praedium Group, says of the purchase, “Fox Hill is a high-quality property which provides us with the opportunity to capitalize on Austin’s steady population growth, educated workforce, and employment drivers.”
Park Place at Maguire in Orlando is a newer property, built in 2016 that consists of 242 one-, two-, and three-bedroom units ranging in size from 650 square feet to 1,273 square feet. Unit interiors feature nine-foot ceilings, granite counters in the kitchen and bathrooms, sinks with brushed nickel hardware, 42-inch cherry wood cabinetry, stainless steel appliances, faux wood plank flooring in living areas, designer track and pendant lighting, and kitchen islands with plumbing and deep bowl stainless steel sinks.
Community amenities include a swimming pool and sun deck, 24-hour fitness center, a 5,600-square-foot resident clubhouse with a wet bar and billiards lounge, business center, an Internet café with a coffee bar, children’s playground, car care center, summer kitchen with grills and a covered dining area, leash-free dog park, and controlled access gated entry.
Chris Hughes, principal of the Praedium Group, says Park Place is a high quality asset in the Windermere/Ocoee submarket with barriers to entry as well as proximity to the town of Windermere. He adds that the property should benefit from the projected growth in Orlando in coming years.
In March, the Praedium Group acquired two multifamily communities in the Denver area—the 258-unit Helios Apartments in Englewood, CO and the 216-unit Centennial Park Apartments in Centennial, CO.
In November of last year the firm acquired a 272-unit multifamily property in the Atlanta suburb of Woodstock, GA for approximately $43 million.
The Praedium Group was formed in 1991 and since inception has completed more than 360 transactions representing approximately $10 billion of capital, including 77,000 multifamily units and nearly 44 million square feet of commercial space.