Eastwind Completes Orlando-Area Property
EV charging stations are among the community's amenities.
Eastwind Development has completed development of The Aston at Uptown in Altamonte Springs, Fla., a suburb of Orlando. The property totals 261 units, and its first residents have moved in.
The Aston at Uptown, which is at 505 One Center Blvd., offers studios and one-, two- and three-bedroom units in a five-story structure. There is an integrated six-story parking garage with electric vehicle charging stations.
Unit amenities include a washer and dryer, as well as white quartz countertops in the kitchens and bathrooms. The community is pet friendly.
Common-area amenities include a central courtyard, resort-style swimming pool, clubhouse and direct connectivity to the city’s transit, autonomous vehicle and ridesharing hub. The two-story clubhouse features a game lounge, arcade, coworking spaces, multisport simulator and putting green, along with a coffee bar, yoga studio and fitness center.
ZRS Management oversees property management and leasing at The Aston at Uptown. FaverGray was the contractor on the project, with Forum Architecture & Design as the designer and England-Thims & Miller the project engineer.
Palm Beach Gardens-based Eastwind Development specializes in multifamily development and acquisition in Florida and other Southeastern markets. The company has developed 24 multifamily communities totaling over 4,100 units, with other properties underway.
Orlando multifamily impacted by new inventory
Multifamily development is still relatively brisk in greater Orlando, with a total of 10,611 units, or 3.9 percent of existing stock, coming online in 2024 through October, 70 basis points above the national rate of completions, according to Yardi Matrix data.
As new product arrives on the market, multifamily rents in metro Orlando have seen downward pressure, Yardi Matrix reports. As recently as late 2021, average advertised asking rents grew over 2 percent on a trailing three-month basis in the Orlando market.
By the end of 2024, average advertised asking rents were down 0.5 percent on a trailing three-month basis in the market, to $1,767, while U.S. rates dipped only 10 basis points over the same period.
