By Dees Stribling, Contributing Editor
Orlando, Fla.—Greystar has unveiled plans for a 448-unit apartment property in Orlando, with construction set to start in October for a completion date about a year later. The development will be called Elan Audubon Park, and will be in the Audubon Park Garden District near the intersection of Maguire Blvd. and East Colonial Dr.
Greystar will develop, construct, and operate Elan Audubon Park upon completion. The property will be owned by the company in a partnership with an institutional global real estate opportunity fund. Charleston, SC-based Greystar manages about 385,000 units in more than 100 markets nationwide.
The property will offer one-, two- and three-bedroom units ranging in size from 646 square feet to 1,370 square feet, as well as three-story, three-bedroom townhouses. Some floor plans will offer elevator access and incorporate features such as built-in desks, open kitchens with center islands, USB charging outlets and walk-in closets, as well as patios and balconies.
Common amenities will include a clubhouse with a fitness facility featuring cardio and strength equipment, plus a multi-purpose spin/yoga/Pilates room. Residents will have access to a neighboring bicycle park, two swimming pools with sundecks, an outdoor kitchen and entertainment area and a children’s playground. Elan Audubon Park will also be a pet-friendly property with open green spaces, walking trails, a number of ponds and a dog park with a dog wash station.
Orlando is a growth market for apartments, although new rental demand will likely not fill enough of the new apartments coming online to avert an increase in the vacancy rate, predicts investment specialist Marcus & Millichap. Rental completions will reach one of the highest levels in several years during 2014, resetting inventory almost back to the former peak before the 2000s conversion boom. The company says that developers will complete about 6,500 units this year (compared with 3,300 in 2013), and that the metro vacancy rate will rise one percentage point to 6 percent by year’s end.