Orlando Multifamily Wrap-Up – August 2020
Allen Morris-Ustler JV deliver $108 million project. Affordable housing asset sells for $38 million. Read our August selection of Orlando must-knows.
As the COVID-19 pandemic continued to unfold in Florida, state authorities extended the eviction and foreclosure moratorium through the beginning of October. Orlando had a spike in new cases toward the end of the month, despite restrictions including a mandatory face covering order in effect from June. However,the multifamily sector saw significant activity, especially in the development area. Projects spanned a range of asset types, from student to senior housing. Here’s our August list of Orlando must-reads:
1. DEVELOPMENT – Allen Morris Co. and Ustler Development complete $108 million project.
The Julian Apartments at Creative Village is a 14-story mixed-use community with 409 units and 6,000 square feet of commercial space. Creative Village is a 68-acre innovation district developed in a public-private partnership between the City of Orlando and a joint venture between Ustler and Bank of America Community Development Corp. Located at 462 N. Terry Ave., The Julian comprises studio, one-, two- and three-bedroom units. The building also includes an integrated parking garage and 1,000 square feet of collaborative space on each floor.
2. DEVELOPMENT – Wood Partners opens 328-unit luxury community.
Located on 15.3 acres at 4000 Headwaters Way, Alta Headwaters consists of seven four-story buildings. The property comprises studio, one-, two- and three-bedroom apartments. Units are finished with quartz countertops and wood-style plank flooring. Amenities include a swimming pool, fitness center and dog park. The community marks the company’s third in the neighborhood and its 14th in the metro.
3. OPERATIONS – Campus Advantage to manage Valencia College property.
Vale East is a 456-bed student housing community developed by Nvision Development as the first project designed to serve the Orlando college. Located at 113 S. Econlockhatchee Trail, the property is slated to comprise three four-story buildings, with one-, two-, three- and four-bedroom units. Planned amenities include a swimming pool, sauna, fitness center, bowling alley and outdoor kitchen with grills. Completion is scheduled for mid-2021.
4. DEVELOPMENT – Landmark Properties begins 602-bed student development at UCF.
Retreat at Orlando is a cottage-style project located 1.2 miles from University of Central Florida. The asset is slated to comprises four-, five- and six-bedroom units with large closets, high-speed internet, cable and private bathrooms. Planned common-area amenities include a jumbotron and gaming lounge. Completion is scheduled for 2021. Landmark also started construction on three other student housing developments: in Athens, Ga., Ann Arbor, Mich., and Seattle.
5. DEVELOPMENT – Construction starts at 110-unit senior housing project.
American Residential Communities and New South Residential joined forces to break ground on Madison Landing’s first phase. The development team also includes Blue Skies Studios as architect and general contractor Winter Park Construction. The planned second phase would add another 86 units. The development received low-income housing tax credits from the Florida Housing Finance Corp. and equity investment from Wells Fargo. The 5.4-acre site is located at 5800 S. Rio Grande Ave. within the Oak Ridge neighborhood. The community is slated for completion in 2021.
6. DEAL – Lincoln Avenue Capital buys affordable community.
Picerne Real Estate Group sold the 384-unit Stratford Point for $38 million, according to Yardi Matrix. The deal was subject to a $34 million loan from Local Initiatives Support Corp. Built in 2001, the Class B asset has two-, three- and four-bedroom units. Common-area amenities include a fitness center, a clubhouse, a swimming pool and laundry facilities. Located on 12 acres at 1700 Old England Loop, the 16-building community is 7 miles from Orlando Sanford International Airport.