Real estate private equity firm Halstatt Real Estate Partners has completed the acquisition of Cypress Run, an apartment community located in Orlando, Florida. The 248-unit multifamily housing asset was purchased in partnership with GoldOller Real Estate Investments, a long-term investment partner of the firm.
The residential site sits within East Orlando, placing it near several major long-term employment hubs. These include the 650-acre Lake Nona Medical City complex and Orlando International Airport, which is currently undergoing a $6 billion infrastructure expansion project. Local market dynamics show the immediate area has seen limited new housing supply over recent years, whilst experiencing consistent rental demand from local healthcare, education and service-sector workers.
The joint venture partners intend to launch a value-add refurbishment programme across the community. This capital expenditure will target interior property upgrades, including the installation of new kitchen appliances, updated countertops, modern fixtures and upgraded internal finishes.
Steven Iannaccone, managing principal, Halstatt Real Estate Partners, said: “Cypress Run represents an opportunity to acquire a well-maintained asset in one of Orlando’s fastest-growing corridors at an attractive basis. The property benefits from durable demand drivers, limited new supply within the submarket, and a business plan that allows us to thoughtfully enhance the community while further positioning the asset within its competitive set.”
The deal represents a continuation of the investment relationship between Florida-based Halstatt and GoldOller, which already holds an extensive property management presence across Orlando. GoldOller currently oversees more than 40,000 flat units distributed across 10 American states. The two organisations have previously worked together on the acquisition of the Isles at East Millenia and the purchase of the SunMeadows Portfolio.
