Investors scoop up apartment complexes as Lake Nona project breaks ground
Investors and lenders continue to pour money into the Orlando area apartment market.
Several investments deals took place across Orange County over the past two weeks in hot markets such as Orlando’s Ivanhoe Village and Maitland. In addition, a groundbreaking ceremony for a new apartment community took place in Lake Nona.
Kicking off the roundup is the groundbreaking of a planned $65 million multifamily community in Lake Nona called East Park Village Apartments. The 264-unit development at 10735 Moss Park Rd. is being backed by entrepreneur Kiran Patel.
Lake Nona Medical Center Development LLC, d.b.a. EPV Development LLC, bought the property in 2013 for $8 million with a vision to build a large mixed-use project. Onicx Group will be developing the apartments.
Amenities at the apartment community include a swimming pool with an outdoor kitchen and recreational area, a fitness center with a spin/yoga room, a business center with individual workstations, detached garages, and a playground. Units will offer one to three bedrooms.
The project is estimated to be completed in early 2024. The construction of the apartments launches the first phase of the $200 million mixed-use East Park Village community envisioned by Patel that will include a medical office building, a hotel and retail spaces, once complete.
Meanwhile, a number of large real estate investment companies have recently picked up stabilized multifamily communities throughout Orange County.
The largest price paid for an apartment community last week was a $132.5 million deal for the $50 million luxury Lake House Apartments in Orlando’s Ivanhoe Village. The deal for the 252-unit complex, completed last year, breaks down to about $525,790 per unit.
A joint venture between OneEleven Residential and Orlando-based design-build company FINFROCK paid $7.95 million in late 2018 for the 2.4-acre site at 295 NE Ivanhoe Blvd. and took out a $60 million loan from Citizens Bank to push the project along.
The nine-story Lake House Apartments tower across from Lake Ivanhoe features groundfloor commercial space, including several eateries. Amenities include an elevated second-floor pool deck, fitness center, lounge and clubhouse on the ninth floor overlooking the lake and the downtown Orlando skyline.
The buyer, Lincoln Property Company, is also a longtime property owner and developer in Orlando. It built the 28-story SunTrust Plaza at Church Street Station mixed-use tower in downtown.
Meanwhile, in Maitland, New Jersey-based Raia Capital Management purchased the 244-unit Maitland City Center mixed-use development at 190 The Miami lender that took Independence Lane for $90.7 possession of the former Parliament million. Of the total 244 units, 220 House property on Orange were market rate and the other 24 Blossom Trail and demolished are live-work units. The cash deal the former gay-friendly resort is breaks down to about $372,000 per following through on plans to build unit. a 306-unit apartment community
The Allen Morris Company, called Lion Gardens. which is based in Coral Gables, was Lion Financial has applied for a the seller. Planned Development amendment
Built in 2018, Maitland City to convert the property’s hospitality Centre features Mediterranean-inspired use to multifamily residential. architecture, a large courtyard The request will head to Orlando’s at its center, a fitness center Municipal Planning Board in with Peloton fitness bikes and yoga December. lawn, rooftop infinity pool, rooftop Lion Financial’s Ron Simkins dog area and 35,000 square feet of knows he’s taking a bit of risk ground-floor retail. building a $60 million apartment
community on the site of the former
Parliament land to become apartments
Parliament House at 300 N. Orange Blossom Trail. The neighborhood is in transition, and the Simkins family is self-financing the entire project and banking on it being a catalyst for more private investment in the corridor.
“Some people have suggested that it’s too early for this project, but I didn’t feel that way,” Simkins said. “The whole energy behind this project is to try to build something nice, you know, and people will come in.”
The design calls for three 4-story, elevator-served buildings.
This is a sampling of stories from GrowthSpotter, a premium subscription service from the Orlando Sentinel that focuses on the early stages of real estate development. To subscribe, go to GrowthSpotter.com