23 Mar Park Partners Residential and Independencia Asset Management Acquire The Commons for $77,750,000
The joint venture between the two firms received a $58.5 million construction loan to fund the full renovation of the 280-unit multifamily property
Orlando, FL – March 22, 2022 – Park Partners Residential, owner and operator of value-add and luxury multifamily apartment communities, and Independencia Asset Management are pleased to announce the acquisition of The Commons, a multifamily property located at 8050 Gables Commons Drive in Orlando, Florida for $77,750,000. The property was purchased from real estate funds managed by Ares Management and brokered by Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman Wakefield. The newly formed joint venture between Park Partners Residential and Independencia Asset Management received a $58.5 million construction loan from American Real Estate Capital to fund a full renovation of the property’s 280 units, clubhouse and amenity spaces.
“The Commons represents a unique opportunity for Park Partners Residential to acquire a well-maintained, vacant asset in the highly desirable market of Orlando and expand our operations to Central Florida,” said Rob Romagnoli, Director of Acquisitions and Finance at Rosemurgy Properties. “Our renovation program includes all 280 units and upgrading each amenity space to reposition The Commons as a property that accurately serves the needs of modern renters. We look forward to executing the revitalization of The Commons.”
The Commons is located at 8050 Gables Commons Drive in Orlando, Florida. The repositioning of the property will include extensive renovations to the pool, clubhouse and fitness areas along with the additions of a game room, co-working offices, dog parks and dog wash, a car washing station and outdoor activity deck with grill stations. Additions will include an array of wellness-focused amenities including a gym, sports court, and a basketball court along with a cardio gym with yoga and spinning areas.
“We are thrilled to acquire The Commons alongside Park Partners Residential,” said Felipe Figueroa, COO at Independencia Asset Management. “The renovation of this property is a prime opportunity to deliver an updated development that aligns with the growth the Orlando real estate market is experiencing.”
Based in Boca Raton, Florida, Park Partners Residential is a joint-venture partnership between managing partners Rick Giles and Alex Rosemurgy. The firm focuses on developing, owning and operating luxury multifamily apartment communities. Since its founding in 2015, the single-source and vertically integrated firm has acquired and developed over $300 million in multifamily real estate. Recently, Giles and Rosemurgy, partnered with Brian Schmier of Schmier Property Group, completed the fourth largest multifamily deal of 2021 with the $230 million sale of The Residences at Uptown Boca in Boca Raton.
FEATURES:
Orlando Business Journal
GorthSpotter/Orlando Sentinel
REBusiness Online
Florida YIMBY
About Park Partners Residential Based in Boca Raton, Florida, Park Partners Residential is a privately-owned developer, owner and operator of multifamily apartment communities throughout the Southeast Region. Most recently, as part of a larger mixed use development, Park Partners developed and sold the fourth largest multifamily deal of 2021 with the $230 million sale of The Residences at Uptown Boca in Boca Raton. Founded in 2015, the firm’s pipeline includes over $1 billion in development and acquisitions.
About Independencia Asset Management (IAM) IAM is a real estate asset management firm headquartered in Miami with an additional office in Boston. Since incorporating in the United States in 2004, IAM has invested in more than 18 million square feet of core-plus and value-add office, retail and industrial assets in 19 states with 10 different local operating partners. To date, IAM has invested in over $3 billion worth of real estate assets through 50 different SPEs. IAM’s current portfolio consists of approximately $2.3 billion of assets under management through 30+ different SPEs.
Media Contact:
Melissa Sweredoski
melissa@levypublicrelations.com
Levy Public Relations
305.764.3370 ext.201
Orlando, FL – March 22, 2022 – Park Partners Residential, owner and operator of value-add and luxury multifamily apartment communities, and Independencia Asset Management are pleased to announce the acquisition of The Commons, a multifamily property located at 8050 Gables Commons Drive in Orlando, Florida for $77,750,000. The property was purchased from real estate funds managed by Ares Management and brokered by Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman Wakefield. The newly formed joint venture between Park Partners Residential and Independencia Asset Management received a $58.5 million construction loan from American Real Estate Capital to fund a full renovation of the property’s 280 units, clubhouse and amenity spaces.
“The Commons represents a unique opportunity for Park Partners Residential to acquire a well-maintained, vacant asset in the highly desirable market of Orlando and expand our operations to Central Florida,” said Rob Romagnoli, Director of Acquisitions and Finance at Rosemurgy Properties. “Our renovation program includes all 280 units and upgrading each amenity space to reposition The Commons as a property that accurately serves the needs of modern renters. We look forward to executing the revitalization of The Commons.”
The Commons is located at 8050 Gables Commons Drive in Orlando, Florida. The repositioning of the property will include extensive renovations to the pool, clubhouse and fitness areas along with the additions of a game room, co-working offices, dog parks and dog wash, a car washing station and outdoor activity deck with grill stations. Additions will include an array of wellness-focused amenities including a gym, sports court, and a basketball court along with a cardio gym with yoga and spinning areas.
“We are thrilled to acquire The Commons alongside Park Partners Residential,” said Felipe Figueroa, COO at Independencia Asset Management. “The renovation of this property is a prime opportunity to deliver an updated development that aligns with the growth the Orlando real estate market is experiencing.”
Based in Boca Raton, Florida, Park Partners Residential is a joint-venture partnership between managing partners Rick Giles and Alex Rosemurgy. The firm focuses on developing, owning and operating luxury multifamily apartment communities. Since its founding in 2015, the single-source and vertically integrated firm has acquired and developed over $300 million in multifamily real estate. Recently, Giles and Rosemurgy, partnered with Brian Schmier of Schmier Property Group, completed the fourth largest multifamily deal of 2021 with the $230 million sale of The Residences at Uptown Boca in Boca Raton.
FEATURES:
Orlando Business Journal
GorthSpotter/Orlando Sentinel
REBusiness Online
Florida YIMBY
About Park Partners Residential Based in Boca Raton, Florida, Park Partners Residential is a privately-owned developer, owner and operator of multifamily apartment communities throughout the Southeast Region. Most recently, as part of a larger mixed use development, Park Partners developed and sold the fourth largest multifamily deal of 2021 with the $230 million sale of The Residences at Uptown Boca in Boca Raton. Founded in 2015, the firm’s pipeline includes over $1 billion in development and acquisitions.
About Independencia Asset Management (IAM) IAM is a real estate asset management firm headquartered in Miami with an additional office in Boston. Since incorporating in the United States in 2004, IAM has invested in more than 18 million square feet of core-plus and value-add office, retail and industrial assets in 19 states with 10 different local operating partners. To date, IAM has invested in over $3 billion worth of real estate assets through 50 different SPEs. IAM’s current portfolio consists of approximately $2.3 billion of assets under management through 30+ different SPEs.
Media Contact:
Melissa Sweredoski
melissa@levypublicrelations.com
Levy Public Relations
305.764.3370 ext.201