LeCesse Development Begins Work on Orlando-Area Apartments
LeCesse Development has broken ground on RiZE at Winter Springs, a 244-unit apartment project in Winter Springs, Fla. Also collaborating on the development are Morgan Management, which is based in Rochester, N.Y., and Boston-based UC Funds.
By Dees Stribling, Contributing Editor
Winter Springs, Fla.—LeCesse Development Corp., a multifamily development specialist, has broken ground on RiZE at Winter Springs, a 244-unit apartment project in Winter Springs, Fla. Also collaborating on the development are Morgan Management, which is based in Rochester, N.Y., and Boston-based UC Funds.
RiZE will consist of one-, two- and three-bedroom units, ranging in size from about 870 square feet to 1,930 square feet, with an average size of about 1,140 square feet. Unique to the market, the project’s design also offers elevator access, along with the structured garage parking. Completion will be in mid-2015.
Unit amenities include kitchens with granite countertops, 9-foot ceilings, walk-in bedroom closets and sound-engineered resident separation walls. All of the units include a large balcony or study.
The architect for the project is 5G Studio Collaborative, which is based in Dallas, and the contractor is CORE Construction of Florida. Financing for the development was provided by Fifth Third Bank in Orlando.
Winter Springs is in Seminole County, in the northeast part of the metro Orlando market. The apartment market fundamentals of greater Orlando are very strong, according to data from Colliers International. Overall market vacancies are now 5.8 percent, and rents are increasing, especially for properties less than 10 years old.
