ORLANDO, FL – Providence Real Estate, a multi-family owner-operator, announced the completion of the acquisition of Infinity Residences in the Park Apartments adjacent to Baldwin Park's proposed Orlando, Florida residential development. The property was acquired by Providence Multifamily REIT, Inc., a Providence-managed private REIT that invests in value-adding apartment buildings throughout the southeastern United States.
Infinity was built in 1998 and consists of six residential buildings as well as a clubhouse and a leasing center. The property is across from Baldwin Park, a 445-acre master-planed residential development that includes 93,000 square feet of prime office and retail space and over 50 miles. of hiking trails and trails, many of which surround Lake Baldwin. Infinity is expected to be renovated inside and out and renamed "Infinity off Baldwin Park".
Providence CEO Alan Pollack said, "Providence continues to invest in high-growth markets like Greater Orlando, which, according to the US Census Bureau, had a remarkable 23% population growth from 2010 to 2020, representing over half a million net new residents." Kevin Finkel, Executive Vice President of Providence added, "The acquisition of Infinity is a great opportunity to own an apartment building with demonstrable appreciation potential for renovation in a very desirable and affluent area of Orlando."
Source: Providence real estate