ORLANDO, FL—Lloyd Jones, a multifamily investment firm based in Miami, has acquired Arium Grandewood, a 306-unit apartment community built in 2005. The community, which is located in the fast-growing South Orlando submarket, is the fourth property Lloyd Jones owns and operates in the area. Lloyd Jones plans to execute a comprehensive value-add business plan to upgrade the property’s interiors. Arium Grandewood, which will be rebranded as Grandewood Pointe, will be professionally managed by Lloyd Jones Multifamily Management.
Arium Grandewood is a garden-style apartment community with a mix of one- two-, and three-bedroom floor plans and an amenity package that includes a resort-style pool, BBQ pavilion, fitness center, volleyball court, and business center. The South Orlando apartment community is just south of the Beachline Expressway, and within minutes of two Fortune 500 companies (Lockheed Martin and Darden Restaurants), office and industrial parks, Lake Nona Medical District, and the 500-room Ritz-Carlton and 1,000-room JW Marriott.
“The acquisition of Arium Grandewood is part of our strategic investment plan focused on established Orlando properties that are centrally located and well-positioned for value-add opportunities,” said Ashley Socarras, EVP of Investments for Lloyd Jones.
Lloyd Jones’ plans for the property include $2.7 million in capital improvements that include a two-level interior renovation package program comprising 95 percent of the units. “We believe that there is an opportunity to substantially upgrade interiors to create best-in-class units,” explained Stuart Keller, SVP of Asset Management for Lloyd Jones. “The community’s convenient location, and our planned capital improvements will appeal to the growing number of young professionals moving to the area.”
“We are excited to acquire our fourth property in the dynamic Orlando market,” said Christopher Finlay, Chairman/CEO of Lloyd Jones. “We anticipate that the market will continue to benefit from in-migration and favorable employment drivers which will help support demand for a well-located, upgraded multifamily community.”
ABOUT LLOYD JONES
Lloyd Jones, LLC is a real estate investment and development firm with 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm has divisions in multifamily investment, development, management, and senior living. Its investment partners include institutions, family offices, and its own principals. To learn more about Lloyd Jones, visit www.ljasl.wpengine.com.