JBM Institutional Multifamily Advisors exclusively listed Advenir at Magnolia apartments in Central Florida.
The property is a two story, garden community with proven value-add potential. Advenir at Magnolia is comprised of 272 units averaging 800 square feet and sits on 13.19 acres +/-. The property is located in the Fern Park area near Altamonte Springs in Seminole County where the Public Schools are ranked #1 for Best School District in the Orlando Area.
Potential buyers have the opportunity to acquire a stable, cash flowing asset with proven value-add potential well below current replacement cost, according to JBM. The property showcases a comprehensive amenity package including two resort-style pools, grilling stations, 24/7 fitness center, business center, and laundry facilities.
Advenir at Magnolia also has an abundance of recreational features including a lighted tennis court, two basketball courts and three racquetball courts.
The Central Florida property includes a mix of studio, one and two-bedroom units. About 42% of the units have been renovated, featuring faux wood plank flooring, resurfaced formica countertops, black appliance package, brown shaker-style cabinetry, and ceramic tile backsplash. Implementing a blended renovation program to implement and expand upon the current upgrades would yield a rent premium of $152 for a ROI of 32%. Some proposed concepts would be to add stainless steel appliances, granite countertops, white shaker-style door fronts, adding washers/dryers, and more. All one and two-bedroom units have screened in patios.
Advenir at Magnolia apartments features connectivity to Semoran Boulevard (68,000 ADT) and near US-17/92 (69,000 ADT) providing convenient access to entertainment, retail, and major employment centers in downtown Orlando, Altamonte Springs, and the greater Orlando MSA. The property is just 2.5 miles to Altamonte Mall, which welcomes over 9.5 million visitors annually and features 100+ shopping and dining options such as Dillard’s, Macy’s, Starbucks, AMC, Barnes & Noble, and more. AdventHealth Altamonte Springs is just two miles away and has 393 beds and 2,400+ employees. Currently, the hospital is undergoing a $50+ million growth strategy.
