Orlando Multifamily Wrap-Up – May 2020
- May 29, 2020
Orlando’s multifamily market showed some mixed signs of recovery in May, following the initial impact of the COVID-19 pandemic. Development activity picked up, as new projects emerged in the second part of the month. Although the metro had been on a strong footing through April as the top Florida market for transaction activity, overall investment slowed amid future uncertainty, even as some major financing deals closed. Here’s our selection of May must-reads:
1. FINANCING – White Eagle receives $69 million for Winter Springs asset.
Capital One originated the 10-year, Freddie Mac loan for The Park at Laurel Oaks, according to Yardi Matrix data. The financing pays down a $43.2 million mortgage from 2015. Located on 34 acres at 1 Laurel Oaks Drive, the 552-unit community has one- to three-bedroom floorplans averaging 968 square feet. The Class B property has 30 buildings, developed in phases in 1986 and 2000.
2. DEVELOPMENT – Mill Creek breaks ground on Creative Village community.
The 292-unit Modera Creative Village will rise eight stories at 505 Chatham Ave., within the 38-acre master-planned redevelopment of the former Amway Arena. The community will include studio and one- to three-bedroom floorplans. The development site will also be adjacent to the 2.5-acre Central Park, which will connect the community to nearby academic, employment and retail locations. Completion is slated for early 2022.
3. OPERATIONS – Jefferson Apartment Group lands management assignment.
The 356-unit Sea Isle, a Class A community near SeaWorld, is the latest addition to the firm’s operations portfolio. The 2013-built property at 6801 Sea Coral Drive is undergoing renovation work, with interior and amenity upgrades underway. The one-, two- and three-bedroom apartments recently received smart thermostats, smart locks and light fixtures.
4. DEVELOPMENT – New $62 million project takes shape in Sanford.
Crescent Communities filed plans with Seminole County for a 14.8-acre mixed-use development at the intersection of Wilson Road and International Parkway, according to Orlando Business Journal. Dubbed Novel Parkway, the project will feature 325 apartments, more than 40,000 square feet of commercial space and potentially a 120,000-square-foot self storage facility.
5. FINANCING – Berkadia refinances East Orlando property.
Advenir received $37.3 million in Freddie Mac financing for its 308-unit Advenir at Polos East Apartments. The seven-year, fixed-rate loan retired a previous, $28.9 million mortgage. Located at 1700 Woodbury Road, the community’s 30 buildings were developed in 1990 on 20 acres. The unit mix includes one- to three-bedroom apartments ranging from 640 to 1,207 square feet.