The GSH Group, a premier multifamily real estate investment company, is thrilled to announce its latest deal—The Preserve at Spring Lake—which will close at the end of June for $62.8 million and is already 100% funded.
This 320-unit multifamily community in Altamonte Springs, FL, is within the thriving and diverse Orlando market. With its urban-suburban mix feel, Altamonte Springs was ranked the best city to start a business in Seminole County, according to the city’s government website. The Preserve at Spring Lake is close to major regional employers, retailers, hospitals, restaurants, interstates, activities, and public transportation and boasts highly rated public schools. These resources attract both blue-collar and white-collar workers to the city, which is predominantly composed of renters.
The Preserve at Spring Lake residents enjoy the property’s five swimming pools and low-density site plan
The GSH Group plans to elevate this well-maintained vintage property, built in the 1970s, with capital improvements budgeted at over $3.8 million completed in two phases.
Interior updates will include:
- Upgrading floors
- Installing granite countertops and kitchen backsplashes
- Adding stackable washer and dryers in each unit
Exterior amenity improvements will consist of:
- Building two new fitness centers
- Creating a resident lounge
- Painting the exterior of buildings and hallways
- Investing in exterior lighting
- Replacing roofs and circuit breakers
- Resurfacing parking lot
- Installing pigtail connections
- Updating HVAC/Condensers
Due to population growth (up 7.1% since 2000 according to citydata.com), the area’s diverse economy, renovations, tenant value add enhancements, adjustments to rents, organic growth, a solid business plan, and excellent property management, The GSH Group, a multifamily real estate investment group with over 40 years of industry experience, is confident that this property will prove to offer lucrative returns to our investors and an affordable, high quality of living to the residents who call it ‘home.
We’re proud to add The Preserve at Spring Lake to our robust property portfolio. It meets the high standards we set for our investors, tenants, and the community. To learn more about the goals of The GSH Group, click here.