Transactions - NOVEMBER 18, 2021

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PCCP provides $85m to Trion Properties

by Released

PCCP has provided an $85 million loan to Trion Properties for the acquisition and renovation of Patterson Court Apartments, a 384-unit multifamily property located at 8151 Patterson Woods Drive in Orlando.

Built in 2008, Patterson Court Apartments is a 17-building, 384-unit apartment community situated on 21 acres along I-4 in Orlando. Walt Disney Company has master-leased the asset since its development, and it is unrenovated and considered outdated today. Trion Properties believes it can create value through an extensive renovation plan, which includes installing new hardwood flooring, upgraded cabinets and sinks, faux granite countertops, stainless steel appliances, and upgrading the tenant lounge, and refreshing the amenity center.

“Given the strength of the Orlando Market, the outdated Patterson Court Apartments is poised to provide a strong upside opportunity for the new ownership,” said Ron Bonneau, managing director with PCCP. “Once the improvements are i

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