Altman Cos. Doubles Down on Orlando Market With Newly Financed Project
The Orlando market remains attractive for developers, according to the sponsor's CIO.
The Altman Cos. have broken ground on its Altis Grand Lake Willis Phase II project in Orlando, Fla., redoubling a commitment to the area that has endured despite setbacks.
Supply chain issues have been among the problems that have delayed recent projects, according to Altman Cos. CIO Tim Peterson.
“Today I joke with people that switch gears for your electrical systems is the new toilet paper,” Peterson told Multi-Housing News. “What used to be a lead time of 10 to 12 weeks is now 40 weeks and more. It’s a situation where the development is completely done, and you can’t open because you can’t turn the electricity on. Imaging having $100 million in debt cost and renters waiting to move in, and they’re waiting on some $50,000 piece of equipment that’s not coming in.”
Undertaken in partnership with institutional investors advised by J.P. Morgan Global Alternatives, the community is situated next to Altman’s Altis Grand Lake Willis, where construction began 18 months ago. That community will see its first deliveries in June and is slated for completion in November.
“Being able to build this community in the southern part of Orlando, where there’s so much in-migration and jobs are plentiful, kept us going,” Peterson said. “How we feel about Orlando, Florida and this submarket was what gave us the energy to keep fighting through all the challenges.”
The developments are located in the heart of South Orlando’s employment corridor, proximate to Interstate 4, as well as the theme parks the area is known for.
Altis Grand Lake Willis Phase II is strategically located to provide conveniences for residents. The community is proximate to a new three-phase retail shopping and entertainment center called Vineland Pointe and a five-minute walk from the Orlando Vineland Premium Outlets, which boasts 160 stores. Downtown Orlando and the Orlando International Airport are all easily accessible.
Comerica Bank recently provided a $41.2 million construction loan for Altis Grand Lake Willis Phase II, which will be a 230-unit, pet-friendly garden-style community featuring six residential buildings and a stand-alone clubhouse. The project will sit on just over nine acres of land and include six unique floor plans and a blend of one-, two- and three-bedroom apartment homes.
Features will include high-efficiency water heaters, sub-metered water and stainless steel, energy-efficient appliances. Community amenities will feature a beach-entry heated pool with fountains, as well as lounge chairs, grilling stations and a fire pit.