WASHINGTON, D.C. — September 3, 2025 — PRP Real Assets (“PRP”) announces the acquisition of The Place on Millenia, a 371-unit Class A multifamily property located in Orlando, Florida.
Built in 2007 and partially renovated in 2021, The Place on Millenia is a garden-style apartment community offering one-, two-, and three-bedroom units averaging over 1,100 square feet. The gated community features a resort-style pool, fitness center, private work-from-home offices, gaming area, and outdoor entertainment spaces. In addition to constructing a brand-new dog park, PRP will implement a comprehensive plan to renovate 200 classic units, modernize amenity spaces, integrate technological enhancements, and enhance customer service.
“This acquisition reflects our continued focus on acquiring well-located multifamily assets at an actionable basis in growth markets. In addition to the entire PRP Multifamily team who created this opportunity, we greatly appreciate the multiple capital markets partners who joined us in this transaction, including Kuwait Finance House, SMBC, Eastdil Secured, and Newmark,” said Jon McAvoy, chief investment officer of PRP.
“Orlando is one of the strongest rental markets in the country, supported by robust population growth, new and ongoing infrastructure investment, and world-class employment opportunities. At The Place on Millenia, we are acquiring at a meaningful discount to replacement cost and will implement a thoughtful renovation and operational plan to create long-term value for both residents and investors,” added Matt Serenius, director of multifamily at PRP.
Situated just off International Drive, The Place on Millenia benefits from proximity to billions of dollars in new commercial development, including Universal’s recently opened Epic Universe theme park, which has created over 15,000 jobs. The property is adjacent to the Mall at Millenia and surrounded by grocery, retail, and entertainment options, providing residents with exceptional connectivity and convenience.
The Place on Millenia is PRP Real Assets’ latest multifamily acquisition and exemplifies the firm’s strategy of targeting high-conviction markets, value-add renovation opportunities, and assets positioned to deliver durable, long-term performance.
