Laramar Group Purchases 192-Unit Multifamily Property in Orlando, FL

The Laramar Group, a leading national real estate investment and property management company, has acquired a 192-unit apartment community at 2603 Silkwood Circle, Orlando, FL. The community is located in an established, infill section of West Orlando that is one of Central Florida’s strongest growth markets.

Laramar purchased the property as a value-add opportunity and is starting a strategic renovation program to enhance the property’s interior and exterior areas and increase its visibility in the marketplace.

Fusion Apartments consists of 211,488 sf of rental units that are evenly split between two and three-bedroom units. The complex is ideally suited for residents who want a more expansive space for working from home and for families that want an alternative to a home purchase.

“Orlando is an attractive multifamily market due to its growing population base, strong demographics, and established employment centers,” said Matthew Kreikemeier, Director of Acquisitions for Laramar. “Fusion Apartments offer the flexibility of larger units that can support a wider range of living requirements. Laramar continues to look for properties like this that offer a strong location and rental history, wide array of amenities, and the potential for long-term growth.”

Fusion Apartments is just 15 minutes from downtown Orlando’s Central Business District, which employs approximately 80,000 people. The property is also close to top medical/healthcare hubs, including Orlando’s “Health Central” campus in Ocoee, Apopka and Winter Gardens. The property is also near the Mid-Florida Logistics Park in Apopka, the Northrop Grumman Electronics Systems facility, the University of Florida center for the Institute of Food and Agricultural Sciences, and Valencia College’s main campus.

The property includes many resident amenities, including a swimming pool, hot tub, club room, fitness center, pet park, and an expansive outdoor recreation area. A basketball recreation area on the northeast side of the property will be renovated to add outdoor seating, a dog park and a new playground.

Laramar’s value-add program will extend the property enhancements property-wide, including exterior modifications to boost the property’s curb appeal; interior upgrades to flooring, lighting and other features in select units; and common area improvements that support the rental community. The complex will also be connected with Smart-Home technology to provide residents with a contemporary and unique living experience.

Orlando is one of the fastest growing cities in Florida and is expected to see considerable growth in the post-COVID environment. According to a June report by CoStar, the multifamily sector in Orlando has absorbed 11,314 units over the past year. This activity drove down the average vacancy rate to 6.7%. Over the past 12 months, asking rents have rebounded from the height of the pandemic, growing by 11.2% in the past 12 months to reach pre-pandemic peak levels. Nearly all Orlando submarkets had recovered from a pandemic-related slowdown by Q1 2021, with improving demand and search activity pointing toward additional rent growth for the remainder of 2021.

The Orlando market experienced a surge in investment activity in late 2020, a signal that investors have become more bullish on Orlando and the multifamily market overall, according to CoStar. Transaction volumes are increasing as the market works back to a more steady flow of activity after the height of the pandemic. During Q1 2021 there were several multifamily transactions over $50 million completed in Orlando, for example. The market is also seeing a record amount of new construction and a rise in renovations as owners and investors look to modernize and bring high-quality stock to the market. These factors could lead to increased investment activity in the future, CoStar notes.

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Founded in 1989, Laramar Group is a vertically integrated and distinguished national real estate investment and property management corporation with a multi-billion dollar portfolio. For over 30 years, Laramar has delivered an unparalleled level of service to the real estate industry. Laramar has specialized in managing and acquiring multifamily properties throughout its entire company history. The company manages a wide range of properties from high-rise urban to smaller urban neighborhood to suburban garden-style properties and has a presence in over 20 markets from coast to coast. Laramar maintains corporate offices in Chicago, and Denver.

Contact:

Anna Shea

Sr. Director of Marketing

303.991.2625