New York-based real estatefirm Praedium Group has bought an Orlando, Fla. Apartment complex Camden Fountains for $23.8 million, roughly $43,000 per unit. Praedium teamed up with real estate firm Affirmative Equities on the property.
"We’re very excited about the Florida market. This is [Praedium’s] second significant purchase in Orlando alone over the last few months," says Mark Lippmann, who heads up the southeast region of Praedium’s acquisition group.
With the Camden Fountains acquisition, Praedium’s Florida portfolio now totals 45. The garden-style property was built in 1986. The property was 93% occupied at the time of purchase, reports Praedium.
The Praedium/Affirmative joint venture will renovate both the interior and the exterior of the property. The property falls within Praedium’s narrow investment focus of under-performing and undervalued assets in North America. Praedium also sponsors real estate commingled private equity funds with pension fund,institution, insurer and endowment capital.