TA Associates Realty in $118m US multifamily deal

Continuing on the year’s flurry of deals in the multifamily sector, the Boston-based firm has picked up two properties in Orlando, Florida in one of the biggest multifamily transactions in Orlando this year.

Boston-based TA Associates Realty has purchased two apartment complexes in Orlando, Florida, in what is reportedly the area’s biggest multifamily deal of the year. The Boston-based firm paid $118 million (€81.3 million) in an all-cash deal for the properties, the Cottages at Hunter’s Creek and LaPalazza at MetroWest, according to local press reports. TA Associates were unavailable for comment at press time.

The two properties, acquired from TriMont Real Estate Advisors, totaled 1,042 units. The deal is believed to be the largest multifamily deal in the Orlando market this year. At the time of sale, the 532-unit Cottages at Hunter's Creek complex was 91 percent occupied, while the 510-unit La Palazza complex was 97 percent occupied.

The past month alone has seen numerous deals in the US multifamily space, including the $270 million acquisition by Newton, Massachusetts-based Northland Investment of nine multifamily properties in Austin, Texas. The properties comprised almost 3,000 apartment units and again was believed to be the largest multifamily deal to date in the Austin market.

The real estate investment arm of BNY Mellon Asset Management, Urdang, also partnered last month with San Diego, California-based multifamily specialist, the ConAm Group of Companies, to acquire the Rosemeade apartment block at Olympus Pointe in Sacramento, California. The Plymouth Meeting, Pennsylvania-based firm is planning to upgrade the property and increase rents.