23 Oct BEMT Announces the Acquisition of Enders Place at Baldwin Park Located in Orlando, Florida
Bluerock Enhanced Multifamily Trust, Inc. (“BEMT” or the “Company”), announced today that it has acquired Enders Place at Baldwin Park, a multifamily community located in Orlando, Florida, through a joint venture with Waypoint Residential.
Enders Place is one of several communities within the larger Baldwin Park development. Pedestrian-friendly with 215 acres of park space, nature trails and amenities, Baldwin Park is a popular and award-winning, low- to medium-density planned community and is an example of the New Urbanist design. The development, built in the early 2000s, also features high-end housing, top schools, quality shopping, restaurants and fitness facilities, all within three miles of Orlando’s Central Business District.
The joint venture between affiliates of BEMT and Waypoint Residential acquired 198 unsold condominium units at Enders Place. BEMT and Waypoint plan to operate the units as apartment rentals. At closing the property was 94% occupied with apartment tenants.
Enders Place is to be managed by Waypoint Management, a firm associated with Waypoint Residential. The structure is consistent with the Company’s strategy, which leverages co-investments with local operating partners for better operational efficiency and regional insight. Waypoint is an established real estate investment company specializing in apartment properties throughout the mid-Atlantic and Southeast US.
“With Enders Place, we were able to execute in a very short timeframe, buying the asset at a significant discount to inherent value,” says Jim Babb, Chief Investment Officer for Bluerock Real Estate. “We were also able to secure favorable, non-recourse long term agency financing which should further enhance performance,” he adds.
Babb describes Baldwin Park as a picture-perfect community in a vibrant market. “The multifamily outlook for the Orlando market is bright with a projected vacancy rate of only 5.5% and annual effective rent increases of 4.1% through 2016,” he adds.
Constructed in 2003, Enders Place spans approximately 232,147 square feet with an average unit size of 1,172 square feet. Units are spread across 29 two- and three-story buildings and feature amenities such as patios/balconies, crown molding, roman tubs, and European style cabinetry, among others.
BEMT is a publicly registered, non-traded real estate investment trust. For copies of BEMT’s public company filings, please visit the U.S. Securities and Exchange Commission’s website at http://www.sec.gov or the Company’s website at http://www.bluerockre.com/bemt.
About Bluerock Real Estate
Bluerock Real Estate is a national real estate investment firm headquartered in Manhattan which was founded to provide institutional quality real estate investment products for the individual investor. Bluerock principals have over 80 years aggregate experience and have transacted on over 30 million square feet and $6 billion in acquisitions, primarily on behalf of leading U.S. institutional investors. Bluerock currently focuses on acquiring, managing, and developing stabilized, value-added, and opportunistic multifamily and office properties throughout the United States.
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