The Praedium Group Acquires Park Place at Maguire in Orlando, FL
July 5, 2017
New York, NY – July 5, 2017 – The Praedium Group, a New York City-based national real estate investment firm, today announced the acquisition of Park Place at Maguire in Orlando, FL. Chris Hughes, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.
Park Place at Maguire, built in 2016, consists of 242 one, two, and three bedroom units ranging in size from 650 square feet to 1,273 square feet. Unit interiors feature 9’ ceilings, granite counters in kitchen and bathrooms, undermount sinks with brushed nickel hardware, 42” cherry wood cabinetry, stainless steel appliances, faux wood plank flooring in living areas, designer track and pendant lighting, and kitchen islands with plumbing and deep bowl stainless steel sinks. Community amenities include a swimming pool and expansive sundeck, 24-hour fitness center, 5,600 SF resident clubhouse with a wet bar and billiards lounge, business center, internet café with a coffee bar, children’s playground, car care center, summer kitchen with grills and a covered dining area, leash-free dog park, and controlled access gated entry.
29% of Orlando’s job growth has been from professional and health service jobs, the biggest driver in employment growth throughout the country. Orlando added 50,900 jobs in the year ended February 2017, an annual increase of 4.3% (over twice that of the national average). Orlando is expected to add another 171,000 jobs in the next 5 years, a 14.2% increase.
“Park Place is a high-quality asset in the Windermere/Ocoee submarket with barriers to entry and proximity to the town of Windermere. We believe the Property is well positioned to benefit from the projected growth in Orlando in the coming years.” said Hughes. “Orlando had an average annual employment growth rate of 4.3% over the past 5 years, compared to the U.S. average of 2.6%, ranking the MSA third amongst the top 50 metros,” added Lindsay Schuckman, associate of the Praedium Group.
ABOUT THE PRAEDIUM GROUP
The Praedium Group is a privately-held real estate investment firm focusing on under-performing and undervalued assets throughout the United States. The Praedium Group was formed in 1991 and since inception has completed over 360 transactions representing approximately $10 billion of capital, including 77,000 multifamily units and nearly 44 million square feet of commercial space. Over the past 26 years, The Praedium Group has sponsored a series of nine private equity funds, as well as several separate investment vehicles. The commingled funds and separate accounts sponsored by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, please visit www.praediumgroup.com