Shortly after making its entry into the Orlando multifamily market with the purchase of Indigo Champions Ridge, Middleburg Communities is expanding its holdings there with the development of Mosby Citrus Ridge, 300-unit, Class A community in Davenport, Fla.
The project is being developed by a joint venture of Middleburg as development manager and Parse Capital, a subsidiary of The Wolff Co., as an investment partner.
The announcement that construction is set to start on Mosby Citrus Ridge comes weeks after Middleburg and Stockbridge, a private equity real estate investment management firm, acquired Indigo Champions Ridge, a newly developed 300-unit, Class A multifamily community also located in Davenport, for $101 million. Mosby Citrus Ridge is slated to be completed by May 2024.
Located at 100 Orlando Breeze Circle along Highway 27 and Interstate 4, Mosby Citrus Ridge will be less than one hour’s drive from many of the economic drivers in Orlando and Tampa, including the corporate headquarters of numerous Fortune 500 companies, amusement parks, sporting arenas, dining and entertainment and beaches.
The property will consist of five, four-story luxury residential buildings with one-, two- and three-bedroom floorplans with monthly rents starting at less than $2,000. Amenities will include state-of-the-art technology throughout the community, a saltwater pool, fitness center, outdoor pavilions with fire pits and grill stations and a yoga lawn.
Chris Finlay, CEO of Middleburg Communities, said in a prepared statement there is significant need for high-quality, attainable multifamily units in the Orlando MSA, one of the fastest-growing markets in the country, and along the I-4 Corridor between Orlando and Tampa.
Middleburg and Parse Capital have an ongoing relationship. In April, the partners launched construction at The Hamlet at Wildlight, a 250-unit, single-family rental community near Jacksonville, Fla. The 31-acre SFR development is slated for completion by late 2023 and will feature cottages, townhomes and duplexes. Parse Capital provides joint venture and preferred equity alongside sponsors who develop, recapitalize and acquire residential communities. Middleburg launched its SFR concept, The Hamlet, in June 2021 with four locations in Alabama, Florida and North Carolina.
In June, Middleburg opened Mosby Bridge Street, a 290-unit luxury apartment development in Huntsville, Ala., which will be self-managed by Middleburg Communities. It is the first Huntsville investment for Middleburg.
Middleburg has made several dispositions in recent months. The company sold Vesta Adams Park, a 298-unit apartment community in Atlanta, and a second Atlanta asset, the 220-unit Vesta Camp Creek.