December 8, 2015
CRA CLOSES DISPOSITION OF BONITA FOUNTAINS APARTMENTS
Continental Realty Advisors (CRA), a Denver based owner of multi-family housing communities nationwide, announced the sale of Bonita Fountains Apartments – a 560-unit Class B asset located in Orlando, Florida. CRA purchased the property in a distressed condition in May of 2013. CRA invested substantially in exterior, common area, and interior improvements, enabling Bonita Fountains to win awards for ‘Best Renovated Community of the Year’ in 2014 and ‘Best Curb Appeal’ in 2015.
“We very much enjoyed our ownership of Bonita Fountains and appreciated the positive feedback from residents at the community and the overall industry in regard to the many property improvements that were made,” said David Snyder, the Chairman of CRA. “CRA is extremely proud of the success of this project which returned an IRR of 46%. This was a textbook example of CRA’s disciplined investment philosophy at work where we were able to identify a dislocation of value, implement excellent management and asset management strategies, renovate the property, and grow NOI by nearly 20% in 2 ½ years, while improving the community and delivering a quality experience for residents and investors. ”
CRA is an active investor nationwide with specific fund focus in the southeastern, midwest, and southwest U.S. markets. “We feel that the southeastern U.S. remains attractive for multifamily investment,” said Robert Ireland, Director of Acquisitions for CRA. “CRA plans to continue investing in the southeast market, as well as other opportunistic markets nationwide, and currently has multiple transactions in this region in its acquisition pipeline.”
The disposition of this property comes on the heels of CRA’s November 2015 acquisition of a 400 unit, Class A property in Las Vegas. Turtle Creek, a light value-add opportunity, is located on the Boulder Highway, adjacent to the Union Village medical development. This 155 acre health care campus is currently in the initial construction stage and is expected to eventually account for 17,000 direct and indirect jobs upon build-out.
ABOUT CRA: Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multi-family segment of real estate. The company is an institutional fund investor and expects to acquire over $1 billion in assets over the next few years. CRA is currently acquiring multi-family assets on a nationwide basis. For more information on the company’s market focus and acquisition criteria, please visit our website at www.continentalrealtyadvisors.com.