Pendleton Park Villas & Carlyle Court Apartments

• Pendleton Park and Carlyle Court apartment communities constitute a combined 310 units across two properties, operating as one asset, located opposite one another in Orlando, Florida
• The properties were purchased in September 2016 in partnership with a leading Miami-based operating partner
• At the time of purchase, both properties had undergone mostly exterior based renovations. The value-add proposition included adding significant interior upgrades to drive significant rent growth, steady occupancy and improved operations
• The properties were sold in December 2021, after 5 years and 3 months of ownership, and produced significant returns in excess of original underwritten expectations