Atlanta-based Preferred Apartment Communities Inc. has picked up a Class A multifamily apartment complex in the upscale neighborhood of Baldwin Park in Orlando. The 528-unit Village at Baldwin Park was purchased by a wholly owned subsidiary of Preferred Apartment Communities, Main Street Apartment Homes. While the sales price hasn’t been recorded, the company revealed it secured a $77.8 million mortgage from Prudential Capital Corp. The seller was Houston-based developer Morgan Group Inc.
“We believe Baldwin Park is an excellent opportunity to implement our value-add program in the Main Street subsidiary,” wrote John Isakson, chief capital officer and CEO of Main Street Apartment Homes, in a statement. “The Baldwin Park submarket is one of the strongest in Orlando. We look forward to complementing this growing segment of our company with more acquisitions in the near future.”
