Bresler & Reiner Buys 400-Unit Apartments

ORLANDO-Continuing a strategy of investing in top-of-the-line multifamily product, Rockville, MD-based Bresler & Reiner has closed on its second investment of the year here, buying the newly built, 400-unit, 98%-leased Fountains at Waterford Lakes in east Orange County from Invest Corp. of New York for $35.1 million or $87,750 per unit.

The acquisition increases Bresler & Reiner’s investment locally to $74.6 million and 763 units in 2003. In July, the Maryland company purchased the 363-unit, 100%-leased Victoria Place Apartments near the University of Central Florida for $39.5 million or $108,516 per unit, as GlobeSt.com previously reported.

Charles Bresler, co-chair of Bresler & Reiner, tells GlobeSt.com average rents at the Fountains at Waterford Lakes run from $700 to $1,100 per month. The purchase price was paid in part by B&R’s assumption of a permanent, non-recourse mortgage on the property and $10.5 million in cash. “A portion of the cash purchase price was funded with a $6 million, unsecured recourse loan,” Bresler says.