Altamonte at Spring Valley
A Class B asset that adds to the Spoke portfolio of properties located in high-growth areas.
We invested alongside our joint-venture partner in Altamonte at Spring Valley as part of a recapitalization of the asset’s ownership structure. Our joint-venture partner’s key principals have operated in the Orlando area for more than 25 years. Orlando continues to represent one of the fastest growing cities in terms of population, job, and economic growth.
Altamonte at Spring Valley continues to benefit as a B asset from a recently completed CAPEX initiative which involved site improvements and interior renovations. The acquisition fits well with Spoke’s strategy of partnering with best-in-class operators who have demonstrated track records in geographic areas that exhibit above national average population, job, and overall economic growth. The asset is currently paying quarterly distributions that equate to annual 7% cash-on-cash return.