CREATIVE REALTY PARTNERS is pleased to announce Three Recent Multifamily Acquisitions
Over the past 5 years, Los Angeles-based Creative Realty Partners has acquired more than 3,400 multifamily units in Texas and Florida. The company is pleased to announce the recent closing of three multifamily acquisitions.
Creative Realty Partners intends to implement a full capital improvement plan to transform all of the properties and enhance the overall value proposition for renters and the local communities. The three acquisitions include:
The Reserve at Lake Buchanan
A 151-unit apartment community located in Orlando, Florida. Built in 1971, the property offers 59 one-bedroom units, 81 two-bedroom units and 11 three-bedroom units. Community amenities include: sparkling swimming pool, new playground, clubhouse, and picnic areas with barbecue grills. The property is situated on an expansive low-density 13.26 acre parcel with an abundance of green space and exceptional lake views.
The Reserve at Lake Buchanan is centrally located in Orlando, just a six-minute drive from downtown Orlando; and a five-minute drive to the Orlando Regional Medical Center. In addition the property is within close proximity to worldwide attractions including Walt Disney World (66,000 employees), Universal Orlando Resort (12,000 employees), and Sea World Orlando (5,700 employees).
The property currently has a very high occupancy of 98% and is well-positioned to benefit from the continued strength (upward trend in both occupancy and rental growth) of the Orlando market which is currently one of the top-performing apartment markets in the country.
A 84-unit apartment community located in Bradenton (Tampa MSA), Florida. Built in 1974, the property consists of approximately 39 one-bedroom units and 45 two-bedroom units. Amenities include a clubhouse, pool, grilling area, and laundry facility.
Cortez Plaza is strategically located within close proximity to many national retailers, several employment centers, and local economic demand drivers. Surrounded by a quiet residential neighborhood, the property is less than .5 miles from the intersection of Cortez Road and U.S. 41.
Situated in central Bradenton, the submarket has maintained an upward trend in both occupancy and rental growth over the past five years.
La Bella Palms
A 117-unit apartment community located in Dallas, Texas. The six-building complex was built in 1978 and is situated on roughly 2.91 acres, with a medium density of 40.21 units per acre. The property features five floor plan options offering 1, 2, and 3 bedrooms, on-site laundry facilities, a clubhouse, patios, abundant parking, and a swimming pool.
La Bella Palms is located between highways I-635 and North Central Expressway (US-75), and is strategically located on the intersection of Royal Lane and Abrams Road with visibility to over 192,000 cars per day. The asset is within walking distance to elementary schools, grocery stores, education institutions, shopping centers, as well as major employment centers.
La Bella Palms demonstrates physical and operational value-add opportunities.
Creative Realty Partners’ value-add strategy has proven highly successful in these markets. CRP will implement exterior and interior improvements to produce substantial rent growth.
CRP focuses on areas with high economic growth, strong employment centers, low vacancies, high rental growth rates and unit-enhancement opportunities.
Founded in 1994, CRP is a privately-held real estate investment and advisory firm that employs a value-add investment strategy. Creative Realty Partners offers a full-service national real estate investment platform, with a successful and consistent performance history and attractive returns on investments. With offices in Beverly Hills and Orange County, the team at Creative is spearheaded by its founder Maurice Benitah, who brings along 35+ years of real estate experience. During the past five years, CRP has acquired in excess of 3,750 multifamily units and currently holds over 1,900 units in its portfolio. CRP’s acquisitions typically range between 100 and 400 units.