Inland Atlantic Breaks Ground on Orlando Apartments
- Dec 13, 2017
Inland Atlantic Development Corp. has started work on The Lofts at South Lake, a 144-unit apartment community in Clermont, Fla., in the metro Orlando area. The project is at Citrus Tower Boulevard and Oakley Seaver Dr.
The project was designed by ORA Architects of Raleigh and is slated for completion in November 2018. Common amenities include a swimming pool and clubroom.
Altamonte Springs-based Roger B. Kennedy Construction is the contractor on the development, marking its third Orlando-area apartment community for Inland Atlantic over the past four years. Most recently, in August 2017, the companies completed the The Residences at Seminole Commons, a 175-unit community on Rinehart Road in Sanford, Fla.
The Orlando Market
Demand is strong for apartments in greater Orlando. In its latest report on the market, Marcus & Millichap noted that job gains in the metro area of almost twice the national rate contributed to the in-migration of nearly 76,900 people over the last 12 months.
“Roughly 20 percent of these additional residents are 20 to 34 year olds, the prime renter cohort, which is generating a significant need for housing,” the report said. “The relative affordability of renting compared with homeownership in the most desired neighborhoods of the market, as well as the convenience and mobility of an apartment lifestyle, will continue providing a sizable renter pool.”