Laramar Group Purchases 304-Unit Multifamily Property in Orlando, FL

Jan. 24, 2022 – The Laramar Group, a leading national real estate investment and property management company, has acquired a 304-unit multifamily community at 4746 Rio Grande Ave. in Orlando, FL.

Castilian Apartments is located in an established, infill and workforce location in South Orlando, in 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.
This is the second purchase by Laramar in the Orlando market over the last year, following the acquisition of the 196-unit Fusion Apartments in the third quarter of 2021.

“Orlando is an attractive multifamily market and one that is expected to be a major draw for renters in the post pandemic environment,” said Matthew Kreikemeier, Director of Acquisitions for Laramar. “Laramar continues to look for properties that combine a proven track record of tenant success with a strong location and the potential for long-term rental rate growth.”

The property is comprised of 18 two-story buildings built in 1975 and renovated in 2018. The complex includes one, two, and three-bedroom units ranging from 627 to 1,293 square feet. Among the amenities are a resort style pool, a fitness center, clubhouse with fireplace, and an exterior child’s play area.

The seller renovated all the units in 2018 with updated shaker white kitchen and bathroom cabinets, vinyl plank flooring in the living areas, new laminate countertops, stainless steel appliance packages, new carpet, new lighting, bathroom upgrades and new washers and dryers.

Laramar plans to complete a full roof replacement, exterior façade repairs and painting, along with upgrades to the landscaping and interior mechanicals. The common area, leasing center and club room will be modernized to enhance the renter experience. Lastly, smart-home technology options and amenity upgrades will be completed to further differentiate the property in the marketplace.

The property is located near the upscale Mall at Millenia, the Orlando Health Regional Medical Center, and downtown Orlando’s Central Business District. This location serves more than 250,000 jobs within a five mile radius. Castilian is also located near a main roadway frontage that is undergoing a major widening and extension process to connect it to I-4 and the popular Millenia area.

According to the Bureau of Labor Statistics, the Orlando market is ranked #2 behind Las Vegas for projected job growth (15%) over the next 5 years. The market recovered quickly in 2021 with the “re-opening.” Orlando is now fully open for business with more than 100 people moving to Central Florida each day to take advantage of the area’s strong quality of life, low taxes, favorable weather, and abundant employment and recreational opportunities. Asking rents in the submarket have dramatically picked up in 2021 and established a record high in Q3 2021.

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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