Property located at Baldwin Park in Orlando purchased

Enders Place is one of a number of communities located in the wider Baldwin Park development.  An award-winning and popular planned community of low to medium density, Baldwin Park is pedestrian friendly and has 215 acres of amenities, nature trails and park space. It serves as a fine example of the New Urbanist design.  Built in the early 2000s, the development also includes high end housing, quality shopping, fitness facilities, top schools and restaurants, all of which are located within just three miles of the Central Business District of Orlando.

The joint venture between affiliates of Waypoint Residential and BEMT bought 198 unsold condo units situated at Enders Place, with the companies intending to operate the units in the form of apartment rentals.  The property was 94% occupied at the time of closing.
 
Waypoint Management, a company that is associated with Waypoint Residential, will manage Enders Place.  The structure is very consistent with the strategy of the company, which leverages co-investments with operating partners who are local in order to achieve better regional insight and operational efficiency.  Waypoint is a real estate investment firm that specializes in apartments throughout the Southeast and Mid-Atlantic United States.  

"With Enders Place we were able to execute in a very short timeframe, buying the asset at a significant discount to inherent value," says Bluerock Real Estate's chief investment officer, Jim Babb.  "We were also able to secure favorable, non-recourse long-term agency financing, which should further enhance performance." Babb adds that Baldwin Park is a picture perfect community that exists in a vibrant marketplace. He noted that the multifamily outlook for the market in Orlando is very bright, with yearly effective rent increases of 4.1% through 2016.