Top Multifamily Completions in Orlando
- Apr 18, 2019
Orlando has successfully transformed into a high-volume secondary market, benefiting from its late cycle growth. The metro’s healthy fundamentals, strong job gains and increasing population are the main factors bolstering growth in its multifamily sector. Demand for residential units continues to be elevated, and, according to Yardi Matrix, more than 12,000 units were underway as of March.
More than 7,600 units were delivered during the 12 months ending in March, with most properties being mixed-use apartment buildings with ground-floor retail components. The list below highlights the largest multifamily projects delivered in the metro during that time frame, based on Yardi Matrix data.
5. Ariel – Orlando, Fla.
Completed in May 2018, the 13-building community at 14001 Benvolio Circle offers 348 one- to three-bedroom units ranging in size from 682 to 1,398 square feet. Located within Lake Nona, a 17-square-mile mixed-use planned community, the property offers access to a series of resort-style amenities, including pool with lounge, 24-hour fitness center, dog park, pet spa, media center, business center, as well as sand volleyball court.
Weldenfield Development broke ground on the asset in December 2016 and Prudential Financial provided a $44.4 million HUD’s 221(d)(4) construction financing. Ariel sits close to the Orlando International Airport, golf courses, retailers, dining and entertainment options, private and public schools and medical facilities.
4. Modera Central – Orlando, Fla.
Modera Central is a 22-story high-rise in downtown Orlando offering 350 residential units and 11,500 square feet of retail space. Located at 125 E. Pine St., the property overlooks Lake Eola and sits in the vicinity of various galleries, live music venues and entertainment options. Downtown Orlando’s Central Business District is minutes away, while The Orlando Farmers Market is within walking distance.
Amenities include elevated pool deck, barbecue grills, fire pit lounge, outdoor seating, on-site fitness center and yoga studio. The community provides studios, one-, two- and three-bedroom units with rental rates starting at $1,588. Mill Creek Residential Trust owns and manages the property.
3. Altis Shingle Creek – Kissimmee, Fla.
Altman Cos. broke ground on the 356-unit community at the end of 2016 and completed it in August 2018. Shortly after, Starlight U.S. Multi-Family acquired it. Altis Shingle Creek includes one-, two- and three-bedroom upscale apartments ranging in size from 748 to 1,477 square feet. Community amenities include saltwater pool complete with cabanas, an outside bar, BBQ areas, pet park and a dog spa, aerobics and yoga studio, electric car charging station, Starbucks lounge & Internet Café, an all-in-one conference room, poker lounge & wine-tasting room, as well as community grove with fruit trees.
The 15-building tower is located on 27.7 acres at 4350 Osceola Trail Road in Kissimmee, in the vicinity of various amusement parks, including the massive Walt Disney World Resort complex and Kissimmee Waterfront Park. Major employers such as Disney, Osceola Regional Medical Center and Florida Hospital Celebration Health are all nearby.
2. Integra 360 Apartment Homes – Winter Springs, Fla.
Inland Real Estate Group recently acquired Integra 360 Apartment Homes, a 360-unit community situated at 1700 Integra Land Way. Integra Land Co. completed the property in August 2018 with a $34 million construction loan provided by Bank OZK. The units feature one-, two- and three-bedroom floorplans with gourmet kitchens, stainless steel appliance package, self-cleaning oven, plank wood-style flooring and walk-in closets. The community is located in the immediate vicinity of eateries, Cross Seminole biking trail, parks and Lake Jesup.
1. Novel Lucerne – Orlando, Fla.
The largest multifamily property to be completed in the Orlando metro area during the past 12 months was the 375-unit community at 733 Main Lane in downtown Orlando. Crescent Communities started the construction with a $60.4 million loan from U.S. Bank, while Novel Lucerne was completed in March 2019. The asset encompasses studios, one-, two- and three-bedroom apartments ranging in size from 576 to 1,450 square feet.
The community features a resort-style pool, state-of-the-art fitness center, double-height resident lounge with event kitchen and work spaces, a large dog park, art gallery, as well as outdoor entertainment area. Additionally, Orlando’s first Earth Fare organic supermarket is located minutes away.