Rosehill Preserve Property Update
Origin Principal Dave Scherer and Assistant VP of Acquisitions Kyle Verhasselt tour Origin’s latest acquisition in Orlando, the Rosehill Preserve Apartments. We acquired Rosehill Preserve, a 396-unit, Class B+ apartment community in an off-market transaction via a recapitalization of the existing owner. Built in 1984, Rosehill Preserve consists of 20 buildings which offer a mix of one and two-bedroom units.
We loved the location at Rosehill from the beginning, as it’s just a short 5 minute drive from Orlando International Airport along South Semoran Boulevard. We believe it will directly benefit from the growth Orlando is experiencing and the upscale retail and chains such as Starbucks and Chipotle moving in nearby.
In this video we see the “before” and “after” of a unit renovation, and it’s quite the difference. The rooms originally had carpeted floors, off-white appliances, outdated counter tops, and the original 1986 cabinets. It was time for a change. Our renovation scope includes vinyl plank flooring, Formica counter tops, stainless steel appliances, new paint, and modern finishes. With these renovations we have been able to substantially improve the property while managing to keep rents affordable for tenants. The business plan is working.
In the video tour, we also look at Rosehill’s amenities. These include two swimming pools, a fitness center, a resident lounge, and miles of beautiful walking paths. We’re looking forward to going back to see the continued improvements. Thanks for watching, and don’t forget to create an Origin account to see the rest of our properties.