U.S. real estate investment company Camden Property Trust announced that it has completed the acquisition of a recently constructed 299-home apartment community in Orlando for a total purchase price of approximately $90 million.

The community, formerly known as 420 East, is a 9-story high-rise in downtown Orlando built in 2016.

The community will be renamed Camden Thornton Park and is adjacent to Camden Lake Eola, a new development community which recently started construction.

Camden expects the purchase price to be 5 to 10 percent below current replacement cost and the acquisition will produce a stabilized yield of approximately 5 percent.