Karlin Real Estate has acquired through a friendly foreclosure a Class A 200-unit multifamily complex in Orlando, FL, following the firm’s acquisition of a non-performing note on the property in March, announced Managing Director Matthew Schwab.
Built in 1990, Vista Verde features 200 bungalow style one- and two-bedroom residences ranging in size from 740 – 1,040 square feet. Amenities include community pool, fitness center, and Clubhouse.
This is Karlin’s second multifamily investment in the highly desirable MetroWest subdivision of Orlando and its third in Central Florida. In 2010, Karlin acquired the note secured by 219 units of a 328-unit condominium project known at the Element at MetroWest. The Los Angeles-based investment firm also owns Bloomingdale Woods, a 224-unit apartment complex in Tampa suburb of Valrico.
“The borrower was cooperative and was motivated to facilitate the sale,” said Schwab. “In the end, the deal worked out for all parties.”
In the past six months, Karlin Real Estate, the real estate investment arm of Karlin Asset Management which manages more than $1.5 billion in private equity, has acquired approximately two million square feet of office, retail, multi-family and industrial assets with an aggregate value of more than $150 million. The opportunistic acquisitions include a retail portfolio in Phoenix, AZ; a corporate headquarters and manufacturing facility in Austin, TX; and a two-building office portfolio in Sacramento, CA.
