By Pavel Cazacu
Multifamily investment firm Lloyd Jones has finalized the $65.3 million purchase of Arium Grandewood, a 306-unit Class B community in Orlando, Fla. This is the company’s fourth Orlando apartment acquisition. Bluerock Real Estate sold the property, according to Yardi Matrix data.
The asset previously traded in November 2014, when Panther Properties sold it for $43.3 million. Walker & Dunlop provided a $29.4 million Fannie Mae acquisition loan at the time.
Located on nearly 27 acres at 3701 Grandewood Blvd., the 11-building community opened its doors in 2005. The unit mix includes one- to three-bedroom floorplans with sizes between 801 and 1,551 square feet. The amenity package includes a fitness studio, a business center, volleyball and basketball courts, a resort-style swimming pool and a playground.
Lloyd Jones will invest $2.7 million in a renovation program to upgrade about 95 percent of the apartments and will rename the property Grandewood Pointe. The company’s investment strategy centers around established Orlando residential assets that present value-add opportunities, according to Ashley Socarras, the company’s executive vice president of investments.
Last year, Lloyd Jones paid $47.2 million for Avisa Lakes Apartments, a 292-unit property in Orlando. Oak Residential Partners sold the asset.