Repositioning & Value-Add Strategy Pays Off for Park 9
Investment Information: Acquisition of well-located rental community well below replacement cost with conversion from affordable to market-rate rental
Overview: RangeWater bought Park 9, which has a great location south of downtown Orlando, in 2011. Amenities included a swimming pool with cabana area, lounge, clubhouse, business center, fitness center and playground. The 356-unit community, located just south of Orlando near several college campuses, employment, shopping and entertainment options, was built in 1998 and in need of updating.
Strategy: Acquire, renovate and update community in strong submarket
The Work: RangeWater acquired the community, then called The Preserve at Econ River, and immediately invested in renovating and updating the exterior and amenities, as well as putting washers and dryers in each apartment. RangeWater rebranded it and improved services and occupancy.
Results: Park 9 now attracts eager renters seeking a luxurious lifestyle in a great location.