ALVISTA WINTER PARK
November 19, 2020
Phoenix Realty Group Broadens Presence in Florida With Acquisition of 288 Multifamily Unit Property
NEW YORK (November 19, 2020) – Phoenix Realty Group (PRG), a national multifamily real estate owner, operator, and fund manager, has announced its latest property acquisition in Winter Park, Florida purchased through an affiliated entity and with third party partners. The Class B multifamily garden style property has been renamed Alvista Winter Park and consists of 288 units on more than 26 acres with amenities including a pool, fitness center, clubhouse, jogging track, and tennis, basketball and volleyball courts. PRG will operate the rental community and plans to renovate, upgrade, and modernize the property to offer an attractive option for residents.
Alvista Winter Park was built in 1986 and offers one- and two-bedroom units featuring vinyl plank flooring, breakfast bar, walk-in closets, patio/balcony, dining room, celling fans, and in select units, washer/dryers and energy efficient appliances. The prior owners completed major improvements such as new roofs, exterior façade repairs and repainting all buildings, in addition to renovating some of the units. Consistent with its value-added strategy, PRG’s business plan is to renovate a majority of the unrenovated units, install washer/dryers in all units, and enhance and improve the amenity offerings. PRG expects to receive a rental premium for the units it plans to upgrade.
Winter Park is in the Orlando metro area with excellent connectivity to the major employment centers in metro Orlando and its suburbs. The property also benefits from being less than one mile from Full Sail University, a private, for-profit university. The university offers online and in-person programs in entertainment, media, arts and technology with an enrollment of 18,000+. Many students are residents at the property. “Winter Park is in an attractive location within the Greater Orlando market, a geography PRG has been investing in and targeting for many years,” said Ron Orgel, Managing Director and Head of East Coast Acquisitions at PRG. “Given PRG’s value-added experience and knowledge of the Orlando market, we have developed a compelling renovation program to improve the amenities and apartments and ultimately seek to increase the overall value of the property.”
“Although COVID-19 has temporarily impacted the tourism/hospitality industry in Orlando, the property is located in the northeast section of the metro area so is less impacted by these industries,” said Keith Rosenthal, President. “We believe the property’s proximity to a large university, multiple healthcare centers and limited new development positions it well for continued growth. In addition, multifamily in Florida is poised to benefit from in-migration, no state income tax and excellent weather, positive trends which lead to an increased need for housing.”
With this acquisition, PRG now owns five properties in Florida totaling more than 1,400 units.
About Phoenix Realty Group
Phoenix Realty Group LLC (www.phoenixrg.com) is a 20+ year old firm focused on multifamily residential properties in high barrier-to-entry and infill markets. The firm is headquartered in New York with personnel in California and Florida. The firm has three business lines: value-add, new construction, and affordable housing. As of June 30, 2020, PRG manages approximately $1.5 billion in gross real estate assets under management.