TRIWEST Acquires A Central Florida Multifamily Community for $47.3 Million
Triwest Multifamily, a Los Angeles-based real estate investment firm, has acquired a 12-building, 208-unit apartment complex in Winter Springs, Florida, a submarket of Orlando, for $47.3 million dollars. Rosewood Realty Group’s Alan Soclof represented Triwest and Rosewood’s Aaron Jungreis represented the seller, JSB Capital Group. 1020 At Winter Springs Apartments located at 1020 Chatham Pines Circle is a Class Basset built in 1990. The three-story buildings in the gated community on 16 acres, total 160,000 sq. feet of market rate rental apartments and amenities that include a clubhouse, fitness center, dog park, swimming pool, basketball court, picnic areas and covered parking.The floor plans are a mix of one, two and three bedrooms. The property sold at a price of $227,000 per unit and TriWest Multifamily assumed the existing fixed-rate Freddie Mac loan. “The property is located in a highly desirable affluent suburb of the Orlando MSA with close proximity to top employment centers in Winter Park, Maitland and Altamonte Springs,” said Soclof. “Despite current market conditions, this was a smooth transaction.” According to Soclof, the buyer plans to implement a light value add program. All the units were renovated by prior ownership, creating an opportunity to add value through light interior improvements with low execution risk such as adding a tech package, tile backsplash and adding washer / dryer machines. JSB Capital Group. a Miami Beach-based real estate investment firm, purchased the complex in June 2019.
“The deal was another prime Florida sale that we completed for JSB who are one of the most honorable and responsible sellers in the industry,” said Jungreis.
