Expanding its portfolio in Florida, PRG Real Estate recently acquired the 336-unit Citrus Tower Apartments in Clermont for $77.25 million.
Institutionally owned since its construction in 2007, Citrus Tower Apartments is located on 31 acres north of North Ridge Boulevard and less than half a mile southeast of the Florida Citrus Tower.
The apartment complex was sold by Blackstone Real Estate, the largest owner of commercial real estate worldwide, operating as BR Citrus Tower LLC.
“…Our plan will be to provide more hands-on property management while adding value through cost-effective and thoughtful renovations,” PRG Real Estate CEO Sam Foster said in a statement. “The Clermont suburb of Orlando is affluent, growing, and provides the perfect opportunity to grow the expanding PRG portfolio.”
PRG took out a $54 million mortgage with JLL Real Estate Capital Partners — the specialized subsidiary and financing platform of Jones Lang LaSalle Incorporated — to complete the acquisition.
With this purchase, PRG now owns more than 12,000 apartment homes and has nearly 1,000 additional units under construction, representing more than $2.5 billion in assets under ownership. At $77.25 million, the sale price breaks down to nearly $229,910 per unit.
The acquisition marks PRG’s fourth Florida asset and second in Central Florida. The Philadelphia-based multifamily property management company also owns and operates properties in Jacksonville, Boynton Beach and Winter Garden.
“We believe that there’s been a slew of migration toward Lake County and Clermont specifically, so we’re always trying to keep buying,” PRG Director of Acquisitions Rob Connolly said. “…We like the Orlando suburbs and the Orlando market as a whole, so we chased it and they accepted our bid and we went from there.”
Floor plans within Citrus Tower Apartments range from 683 to 1,335 square feet and include community amenities such as a fitness center, resort-style pool, business center, resident clubhouse, grilling station and a gated bark park.
Monthly rents range from $1,520 for the smallest one-bedroom, one-bathroom unit to $2,758 for the largest three-bedroom, two-bathroom unit.
Connolly said changes within the community under PRG ownership will include “miscellaneous unit renovations” for 15% of the total units — about 52 units overall — based on an interior renovation plan implemented by the former owner.
Other upgrades will come in the form of “light amenity enhancements” that include repairs to the community pool and implementation of a new mini playground common area.
Elsewhere in Clermont, development of a proposed micro-hospital in Clermont is moving forward as Atlanta-based Fourth Time Partners LLC recently secured a $21.9 million construction loan.
Ameris Bank — also based in Atlanta — approved the construction loan late last month, paving the way for Fourth Time Partners to develop the 2.82-acre property as a new location for Houston-based micro-hospital operator Nutex Health.
Plans for the micro-hospital include emergency and inpatient services, eight inpatient beds, an operating room, and an imaging department with MRI, CT scan, and X-Ray capabilities.
At just over 28,000 square feet, the micro-hospital is expected to operate 24 hours a day and seven days a week, including on holidays.
Illinois-based developer BASK Development is planning to purchase a parcel within the proposed Clermont West mixed-use community for construction of a four-story Tru by Hilton hotel.
Located north of Hooks Street and south of the commercial parcels fronting State Road 50, the 2.11 acres meant for development of the hotel will soon be sold by Maitland-based current property owner Equinox Development.
Equinox and BASK recently filed site construction plans with the St. Johns River Water Management District last month, showing the Tru hotel is planned for 124 rooms near the northwest corner of the larger Clermont West parcel.
In another notable area deal, Rosemont Apts LP sold Marbella Park Apartments, a 144-unit multifamily community located at 5300 Cinderlane Parkway in Orlando’s Rosemont neighborhood for $14.3 million. This works out to roughly $99,300 per door.
Ownership of the 1984-built complex was acquired under the Marbella Park name by a syndicate of Delaware limited liability companies.
Have a tip about Central Florida development? Contact me at jwilkins@orlandosentinel.com or 407-754-4980. Follow GrowthSpotter on Facebook and LinkedIn.
