MIAMI--(BUSINESS WIRE)--A joint venture between affiliates of Miami-based Fifteen Group and Meritage Group LP has completed the acquisition of Patterson Court Apartments in Orlando, FL for $68.65 million.
Patterson Court is located at the intersection of International Drive and Little Lake Bryan Road in the heart of the desirable I-Drive corridor in Orlando, providing convenient access to major employment centers such as Walt Disney World, SeaWorld, the Orlando Convention Center, Downtown Orlando and the Orlando Vineland Premium Outlets.
The 384-unit property spans 21 acres and is consistent with Fifteen Group's strategy of acquiring well-located properties with the potential for substantial, long-term value creation.
"This acquisition provides an opportunity to capitalize on attractive in-place yield, with added upside in the growth of the south International Drive submarket," said Justin Toal, Fifteen Group’s Chief Investment Officer and Senior Principal.
“Meritage targets high-quality, recurring-revenue assets that can successfully navigate economic cycles and have compelling long-term prospects. A key component of our strategy includes building long-term relationships with operating partners like Fifteen Group, who have demonstrated success and share our value investment philosophy,” added Jared Halperin, a Managing Director at Meritage who leads the firm’s real estate investment strategy.
About Fifteen Group
Fifteen Group is a family-owned real estate investment firm based in Miami, Florida. Fifteen Group's investment activities are opportunity-driven, value-added acquisition and development projects. Historically, Fifteen Group concentrated primarily on the multifamily sector, but has evolved to include expertise in the office, retail, mixed-use, industrial, and land development sectors. Currently the firm invests in all major real estate asset classes, in real estate secured debt and in corporate private equity transactions. Fifteen Group (www.fifteengroup.com) also has offices in Los Angeles.
About Meritage Group LP
Meritage is a fundamentally-oriented investment firm with assets under management of over $10 billion as of October 31, 2017. Meritage invests in public and private equity, public and private credit, and real estate and currently has approximately 45 employees in offices located in Greenwich, New York City, and San Francisco.