American Landmark, formerly Electra America, has picked up an Orlando area multi-family asset in Ocoee, Florida for an undisclosed amount. The 522-unit apartment community is located approximately 15 minutes from downtown Orlando at 1024 Vizcaya Lake Rd. The company will invest approximately $4 million to upgrade and expand amenities and rename its acquisition “The Avenue.” The garden-style property is 95 percent occupied and features two pools, a community clubhouse with a 24-hour fitness center, a dog park, storage units and a laundry facility. Its American Landmark’s second multifamily community buy in Orlando, Enclave at Lake Ellenor being its first. It also owns 60 multifamily communities in major metro areas across the southeast.
“Orlando is one of the most economically vibrant cities in the Southeast, with job growth expected to remain well above the national average for the next several years,” said Joe Lubeck, CEO, American Landmark. “With occupancy above 96 percent, we know there is a tremendous appetite for apartment communities that are rich in amenities like this one.”
