Cason at Millenia

IPA is pleased to present Cason at Millenia, a 418-unit rental asset with remarkable upside, strategically positioned in a highly infill location, adjacent to the upscale Mall at Millenia and Universal Orlando Resort (home to 27K+ jobs), and less than 10-minutes from Downtown Orlando’s CBD. 

Completed in 1988, Cason boasts a recent rebrand and $6.3MM+ in CapEx that includes new Hardie-board siding, fresh paint on all building exteriors, new signage, landscaping, irrigation, pool resurfacing/decking, and lighting. The roofs were replaced in 2018 and 16 units are being fully rebuilt to offer brand new finishes on par with newer rental product nearby. Investors can immediately step in and experience operational upside by optimizing expenses and performing upgrades to all unit interiors and common spaces, further bolstering desirability. Demand here is robust thanks to its centralized location and ~250K jobs within a 5-mile radius. Cason sits adjacent to a brand new AdventHeath ER and offers unrivaled accessibility only ¼-mile away from an I-4 access ramp, providing connectivity throughout the metro via SR 408, SR 528, and Florida’s Turnpike. The Millenia submarket is home to remarkable hospitality, office, and medical employment, along with world-class retail/dining & entertainment, with easy access to three major theme parks (Universal/SeaWorld/Disney). As such, Cason presents the rare opportunity to reposition a modernized garden asset in one of the most prolific pockets of the Orlando MSA, which had the #1 fastest growing economy in the nation last year.