Emma Capital Investments Inc. announced it has purchased a 408-unit apartment community in Orlando for a purchase price of $US 47,000,000. This is Emma Capital’s first investment in Florida and its 22nd acquisition in the U.S., adding to Emma Capital’s total portfolio to date of approximately 5,500 apartment units.
The Adelaide Apartments were built in 1987 and contain 408 residential units in 22 two-storey buildings. The property offers four different floor plans made up of 136 one-bedroom units and 272 two-bedroom units, averaging 817 square feet per unit. Boasting beautiful landscaping and an attractive amenity package, the community features two resort-style swimming pools, an outdoor summer kitchen, a grill station, numerous picnic/BBQ areas, car cleaning station, a children’s playground, dog park, racquetball court, fitness centre with both machines and free weights, and an in-suite washer and dryer in every unit.
The community is located in the South Orange County/Lake Buena Vista submarket of Orlando, Florida. The property is well-positioned along International Drive, a major street which generates excellent visibility, and is proximal to numerous employment areas, amenities and transportation nodes, providing connectivity throughout Central Florida. It is within ten miles of approximately 130,000 jobs – including jobs with major employers such as Sea World Orlando, Walt Disney World, Universal Resort Orlando Lockheed Martin, the Orange County Convention Center, Darden Restaurants, Westgate Resorts, and Rosen Hotels.
“We are extremely excited about this acquisition,” stated founding Partner and Co-Owner Haya Zilberboim. “The strength of the Orlando market and the strong amenity package of the Property provides Emma Capital with the opportunity to immediately focus on rent growth initiatives such as income-boosting unit interior upgrades.”
“We are enthusiastic about our expansion into the Orlando market,” added Partner and Co-Owner Oz Cohen. We continue to execute on our growth strategy with quality assets in strong markets.” We intend to expand our presence in our current markets as well as continue to continue our expansion to other Southeast submarkets such as Nashville and Tampa.”
“The submarket has achieved strong rent growth over the past number of years and is forecast to continue to grow through 2020”, added Brian Rakowski, Emma Capital’s Asset Manager for the Florida Market. “Moreover, the submarket is relatively affluent and its population is expected to rise by approximately 11 per cent by 2020. We believe that such demographics present strong opportunities for Emma Capital.”