Projected Investor Level IRR: 19.95%
Projected Investor Level EM: 1.9x
Constructed in two phases in 1974, Altamonte at Spring Valley (The Property) consists of 250 one and two-bedroom apartment units averaging 924-square feet with open floorplans. The community is comprised of 29 two-story wood-framed buildings, as well as two-pool decks with BBQ grills and cabanas, a sports and tennis court, a fitness center, and a dog park.
Altamonte at Spring Valley apartments features a number of stylish interior elements, including large, gourmet kitchens with modern cabinetry, stainless steel appliances, granite countertops, and an open breakfast bar. Each home also features ceramic tile flooring in living and dining areas; designer light and sink fixtures; and two-inch plantation style blinds. In addition, all apartments have a new washer and dryer and spacious screened-in patios or balconies.
The Property is on the south side of the Altamonte Springs submarket, less than 15 minutes drive from downtown Orlando and within 20 minutes of at least five office parks and more than 36 million square feet of office space. Altamonte Springs is a desirable place to live within the MSA thanks to ample employment opportunities, ease of transport, good schools, and access to downtown via I-4. The immediate area hosts homes up to $2 million in value just across the street from The Property.
No. of Units 250
Acquisition Price $49,100,000
Hold Period 4 years
Project Level IRR 19.95%