Waterton Associates has purchased the Promenade Crossing apartment complex for $27.4 million. Trading for $129,000 per unit, the 212-unit garden style community is located at 4000 Maguire Boulevard near downtown Orlando. The seller, California based Passco Cos. LLC., bought the property for $20.8 million in 2009. This is the second acquisition this year for Waterton, a Chicago-based real estate investment firm, and adds a sixth asset to its Florida portfolio which already comprised more than 2,300 units.
“The Orlando apartment market has continued to benefit from high occupancies and steady rent growth, which makes it extremely attractive from an investment standpoint,” said Max Peek, senior vice president of acquisitions at Waterton Associates. “While some of this activity has been fueled by former homeowners who became renters during the downturn, we’ve seen a societal shift in how everyone from millennials to baby boomers view housing, with many opting for the flexible, maintenance-free rental lifestyle afforded by communities like Promenade Crossing.”
