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PRP Real Assets Acquires 371-Unit Multifamily Property in Orlando, Florida
PRP Real Assets (PRP) has announced the acquisition of The Place on Millenia, a 371-unit Class A multifamily community located in Orlando, Florida.
Originally built in 2007 and partially renovated in 2021, The Place on Millenia is a garden-style apartment complex featuring one-, two-, and three-bedroom units, with an average size of over 1,100 square feet. As part of a planned value-add strategy, PRP will undertake a significant renovation program that includes modernizing 200 classic units and upgrading amenity spaces. Additionally, a brand-new dog park will be constructed for residents.
“This acquisition reflects our continued focus on acquiring well-located multifamily assets at an actionable basis in growth markets,” said Jon McAvoy, Chief Investment Officer at PRP. “In addition to the entire PRP Multifamily team who created this opportunity, we greatly appreciate the multiple capital markets partners who joined us in this transaction including Kuwait Finance House, SMBC, Eastdil Secured, and Newmark.”
PRP Real Assets is a privately held real estate investment and management firm based in Washington, D.C. The purchase of The Place on Millenia aligns with the company’s strategic approach to expanding its portfolio in high-growth markets nationwide.
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