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.

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By: – Associate Managing Editor, Orlando Business Journal

Three Orlando apartment complexes — including one that just debuted in late 2014 — sold to investors from the nation’s East and West coasts.

An affiliate of Irvine, Calif.-based real estate investment firm Passco Cos. LLC spent nearly $55 million to buy one of Central Florida’s first new transit-oriented developments, The Ivy Residences at Health Village, Orange County records showed.

The apartment community near the Florida Hospital SunRail commuter rail stop was developed by Orlando-based Ustler Development Inc. and Atlanta-based Wood Partners and the 248 units were the first phase of the project, as previously reported by Orlando Business Journal.

Additionally, the price per unit paid for this property was a record in the region during this real estate cycle.

“Nowhere are we seeing more progressive and innovative development than in Orlando,” said Colin Gillis, Passco vice president of acquisitions in the Southeast, in a prepared statement. “The city of Orlando recently invested nearly $8 billion in infrastructure and transportation projects, inclusive of the SunRail commuter line and an expansion of [Interstate 4]. The Ivy’s location in close proximity to these major transit systems will drive demand for the property, providing an opportunity to deliver stabilized yields to our investors.”

Meanwhile, Miami-based Lloyd Jones Capital LLC’s related entities paid a combined $24.6 million to buy two older complexes near Orlando International Airport in two separate transactions.

Stephen Selby, director of investments in Florida and South Carolina, told OBJ these are the firm’s first two Orlando-area properties and it was an attractive opportunity because of all the construction activity happening nearby at the airport, hospitals and college campuses.

Lloyd Jones Capital is on the lookout for more complexes like these, but so are plenty of other apartment investors.

“It’s hard to find properties at a reasonable price because a lot of people are looking at Orlando,” Selby said. “As properties come up for sale, these ones were ones that would work for us because of location of the product. We looked at a few others in this area but people are pretty aggressive on prices.”

Apartment properties, both old and new, continue to attract investors to the Orlando area, as strong fundamentals and a still growing population make for a solid return on investment potential.

Here are more details on the three sales:

  • Passco Ivy DST shelled out a whopping $221,658 per unit to buy the 248-unit Ivy Residences at Health Village complex at 2650 Dade Ave. near Florida Hospital from Ivy Apartments LLC, county records showed. Shelton Granade of CBRE Inc. represented both the seller in the deal, while Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged acquisition financing for Passco through Fannie Mae. Wood Partners will continue to manage the property.
  • Lloyd Jones Capital’s Pendleton Park LLC paid $18.6 million, or $88,490 per unit, for the 210-unit Pendleton Park Apartment Villas on Curry Ford Road east of South Semoran Boulevard in Orlando from Florida Pendelton LP, an entity related to West Springfield, Mass.-based Aspen Square Management Inc. The sale closed on April 26.
  • Lloyd Jones Capital’s Carlyle Court LLC on April 28 spent $6 million, or $60,173 per unit, for the 100-unit Carlyle Court apartments just across Curry Ford Road from Pendelton Park also from Florida Pendelton. The firm’s affiliate company, Ponte Vedra Beach-based Finlay Management Inc., will handle property management at both apartment complexes.

Come back to OrlandoBusinessJournal.com for more.

Click here to view the original article.

MIAMI, Fla. – Lloyd Jones Capital, a private equity multifamily real estate firm, has acquired the Pendleton Park Apartment Villas & Carlyle Court Apartment Homes near downtown Orlando. The two properties offer a variety of studios, one-, two- and three-bedroom, one-story apartment rentals.

The new acquisitions are adjacent properties located on Curry Fort Road, close to highway access, schools, major universities, dining and retail stores. Select units will receive partial internal renovations including new cabinetry, plumbing and flooring, which will complete the upgrades installed by the former owner. Finally, select amenities will be upgraded, which include a new clubroom. “These are very well-maintained properties in an improving neighborhood,” said Chris Finlay, Chairman and CEO of Lloyd Jones Capital. “They will produce excellent cash-flow for our investors.”

The two acquisitions add 310 units to the company’s growing portfolio. The company anticipates another closing this month with several more in the pipeline. “Good properties are hard to find in this market,” says Finlay. “It takes patience, local knowledge, and diligent underwriting to recognize a good investment. Then it’s up to our operations team to ensure it performs well. Property management is one of the most critical aspects of multifamily investing. We are proud to have a successful history of operations with our partner, Finlay Management,” said Mr. Finlay, who is also the Chairman and CEO of Finlay Management, Inc.

ABOUT LLOYD JONES CAPITAL
Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, improves and operates multifamily real estate in growth markets throughout Texas, Florida and the Southeast.

Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide unparalleled local expertise in each of its markets. Headquartered in Miami, the firm has offices throughout Texas and Florida. The firm’s investors include institutional partners, private investors and company principals. For more information visit ljasl.wpengine.com.

MEDIA CONTACT:
Samantha Savory
Director of Marketing/PR
Lloyd Jones Capital
Ssavory@lloydjonescapital.com
O: 305.415.9910

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Miami, Fla. – Lloyd Jones Capital, a private equity multifamily real estate firm, has opened an office in Orlando to cover the Orlando/Central Florida market at 941 West Morse Blvd., Winter Park, Fla. 32789. This is the firm’s fifth Florida office. In addition to the Miami headquarters, locations now include Weston/Ft. Lauderdale, Tampa, Orlando and Jacksonville.

With additional offices in Dallas and Houston, Chris Finlay, Chairman and CEO, explains the importance of multiple offices: “Real estate is local. Good deals are hard to find, so we have ‘boots on the ground’ in all our major markets. This way, we are positioned to find the very best investment opportunities for our investors.”

The Orlando office will be directed by Stephen Selby, Vice-President of Investments. A long-time resident of Orlando, Selby has extensive experience in the real estate private equity field and will be responsible for identifying, acquiring and underwriting investment opportunities.

ABOUT LLOYD JONES CAPITAL
Lloyd Jones Capital is a private equity real estate firm that specializes in the multifamily sector. With 35 years of experience in the real estate industry, the firm acquires, improves and operates multifamily real estate in growth markets throughout Texas, Florida and the Southeast.

Lloyd Jones Capital provides a fully integrated investment/operations platform. Its property management arm partners with the investment team to provide unparalleled local expertise in each of its markets. Headquartered in Miami, the firm has offices throughout Texas and Florida. The firm’s investors include institutional partners, private investors and company principals. For more information visit lloydjones.wpengine.com.

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