JAG Begins Construction on Luxury Waterfront Project in Orlando
- Jan 21, 2020
Jefferson Apartment Group is expanding in Central Florida with construction beginning on its latest multifamily community in the Orlando, Fla., market. JAG is teaming up with Mid-America Apartments on development of the 264-unit Jefferson Sand Lake luxury apartment community in the Dr. Phillips neighborhood.
Leasing is scheduled to begin in November and the development is slated for completion in March 2021. The property will comprise two five-story apartment buildings featuring one-, two- and three-bedroom units with open floorplans ranging from 750 to 1,540 square feet. Units will have gourmet kitchens with stone countertops, tile backsplashes, stainless steel appliances, plank flooring, ceramic tile in the bathrooms and full-size washers and dryers. Community amenities include a clubhouse, resort-style deck with a heated saltwater infinity pool, outdoor lounge, fitness center, waterfront park and pavilion with paddleboards and kayaks, a zen garden, dog park and electric vehicle charging stations.
The waterfront property will have views of Mirror Lake to the east offering sunrise views and Big Sand Lake to the west for sunset views and nightly fireworks from Walt Disney World. It is adjacent to Orlando’s Tourist Corridor and located about 3 miles to Universal Studios, 5 miles to Seaworld Orlando and 5.5 miles to Walt Disney World. Jefferson Sand Lake is about 11 miles to downtown Orlando, 16 miles to Orlando International Airport, and is also near the Orlando Convention Center.
More than 20 percent of Orlando’s jobs are within 15 minutes of the community and 12 of Orlando’s top 15 employers are located within the submarket. It is also within the highly regarded Dr. Phillips school district. Orlando’s Restaurant Row, with many of the city’s top dining destinations, goes right through the Dr. Phillips neighborhood.
JAG is also developing Jefferson Lake Howell within the Orlando market. Located in Casselberry, Fla., the community will have 384 units and is about 8 miles from downtown Orlando. A completion date for Jefferson Lake Howell was not available but construction started in summer 2019.
In November 2018, JAG sold Azul Baldwin Park, a 178-unit multifamily community in Orlando, to Palm Heights LLC for $43.3 million. Completed in 2014, the property has one-, two- and three-bedroom floorplans with units ranging in size from 657 to 1,418 square feet. Located in the Baldwin Park neighborhood, it was the first LEED certified community in the greater Orlando area.
In May, JAG partnered with New York Life Insurance Co.’s indirect, wholly-owned subsidiary New York Life Investment Management LLC to establish a $100 million GP acquisition venture. JAG and New York Life Investment Management plans to acquire and redevelop existing apartment communities over the next three years with a focus on workforce housing.