MIAMI—Lloyd Jones, a real estate investment firm based in Miami, recently sold Pendelton Park Villas and Carlyle Court Apartments, a portfolio of two neighboring multifamily assets in Orlando, Florida. The exit provided outstanding favorable returns to its investors after a successful value-add program during the time of ownership.
Lloyd Jones acquired the two garden-style communities, totaling 310 units, in April 2016 and sold them in December 2021. During the hold period, the firm added value through interior unit enhancements, curb appeal and marketing, operating efficiencies, and resident experience. Pendelton Park and Carlyle Court were professionally managed by Lloyd Jones Multifamily Management throughout this time.
“This is a very successful exit for us and our investors,” said Chris Finlay, chairman and CEO of Lloyd Jones. “Our strategic upgrades and professional property management allowed us to better compete in the Orlando market, growing average rent by more than 26% since acquisition.” Finlay shared that the deal IRR was north of 39%, with an equity multiple of 4.25x.
The assets are in the East Orange submarket of Orlando, immediately off South Semoran Boulevard, providing convenient access to major thoroughfares such as the 408 East-West Expressway and Route 15.
Lloyd Jones owns and manages two other properties in the Orlando market; it acquired Avisa Lakes in February 2020 and Grandewood Pointe in January 2021. The sale of Pendelton Park and Carlyle Court add to the firm’s successful track record of realized investments and positive returns for its investment partners.
For more information about Lloyd Jones, visit www.lloydjonesllc.com.
About Lloyd Jones LLC
Lloyd Jones LLC is a real estate investment and development firm with more than 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm has divisions in multifamily, senior housing, and hotel investment, development, and management. Its investment partners include private and institutional investors and family offices around the world. To learn more about Lloyd Jones, visit www.lloydjonesllc.com.