(CHICAGO) March 24, 2015 – Waterton Associates LLC, a U.S. real estate investor and operator, today announced the acquisition of Promenade Crossing, a 212-unit garden-style apartment community located approximately three miles northeast of downtown Orlando.
The gated community, a mix of one-, two- and three-bedroom apartments, borders Baldwin Park, an upscale master-planned community that is home to more than 8,000 residents and 125 businesses, and is minutes from some of the area’s top employment centers, including the Orlando Regional Medical Center and Florida Hospital Orlando. It is the second property acquired by Waterton in 2015 and adds to the company’s growing portfolio in Florida, where Waterton owns five other rental communities comprising 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.”
Waterton is currently reviewing renovation plans for individual residences and the community’s common areas and amenity spaces.
Located on Maguire Boulevard, Promenade Crossing is adjacent to Baldwin Park, which features two large lakes, more than 20 public and private parks, and 50 miles of walking and biking trails. The neighborhood’s Village Center is home to a variety of shops and restaurants, including everything from pubs to fine-dining establishments, as well as a Publix Super Market. About a half-mile southwest of Promenade Crossing and Baldwin Park is the Orlando Fashion Square shopping center, which is currently undergoing a redevelopment that includes the addition of Orlando’s first Westin Element hotel.
Promenade Crossing is also close to several quality schools, including Audubon Park Elementary School, Glenridge Middle School and Winter Park High School, which has been included on the Washington Post’s annual list of the nation’s “Most Challenging High Schools” for eight consecutive years.
“With so many community amenities nearby, as well as convenient access to Interstate 4 and the East-West Expressway, this area has quickly become one of Orlando’s most desirable neighborhoods,” said Peek. “The planned renovations at Promenade Crossing, along with ongoing development in and around Baldwin Park, will not only deliver a better residential experience for our renters, but also create value as more people discover all this location has to offer.”
For leasing information, call (321) 282-4860 or visit www.promenadecrossing.com.
Waterton Associates LLC is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton manages its investments through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality.
Waterton has a proven expertise in selecting and managing attractive risk-adjusted real estate investments located in major markets around the United States. Since its formation, the company has sponsored multiple investment vehicles and has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. Currently, Waterton’s portfolio includes over $3.8 billion in assets, including 18,000 multifamily units and 12 hotels. For more information, please visit www.watertonassociates.com.