McCann Realty Partners, the company that bought the Vista at Lost Lake apartments in Clermont last year for $28 million, is now moving forward with the project by starting construction on a second phase.
Phase II will add 192 units to the existing 276 that were built by Citrus Tower Development LLC in 2007. Located on State Road 50 and U.S. Highway 27, Vista at Lost Lake boasts one-, two- and three-bedroom units, equipped with nine foot ceilings, full size washers and dryers, oversized pantries, private solariums and balconies, and spacious closets.
Existing amenities include complete concierge services; a fitness center featuring state-of-the-art equipment; sauna; resort-style swimming pool; car care center; and a private residents’ club room complete with billiard tables, elegantly designed seating areas and lounge.
The new three-story complex will be adjacent to the existing one, and is scheduled for completion at year end, with leasing activity to start in September 2013. The combined 468 apartment homes will be managed by Pegasus Residential, LLC. While development costs were not disclosed, the construction loan was funded by Wells Fargo Bank NA, and the project was financed through a joint venture with an equity partner, the Orlando Business Journal reports.
Prospects for the Orlando multifamily sector continue to brighten as the local economy picks up. Construction activity in the first quarter brought four new projects to the market, adding approximately 1,300 units to local inventory—all market-rate rentals, spread across four submarkets. According to a Marcus & Millichap report, more than 2,000 units were completed in the past four quarters, a substantial jump from the 1,400 rentals placed in service in the previous 12 months.
The second phase of the Vista at Lost Lake apartments will add to the approximately 2,700 apartments planned for the metro area—the highest annual output in the past four years—and the 2,500 rentals currently under construction and slated for delivery this year and next.
Chart courtesy of Marcus & Millichap
Image via The Vista at Lost Lake – Clermont Facebook page