Work Begins on Orlando Metro Area Apartments
- Feb 16, 2016
Ocoee, Fla.—Arbour Valley Development LLC has broken ground on Arbours at Crown Point, a 40-unit apartment property in Ocoee, Fla. The apartments will consist of one-, two-, and three-bedroom units in 10 buildings in the Outer West multifamily submarket.
Ocoee is a town in Orange County with a population of about 35,000. It’s part of the Orlando-Kissimmee-Sanford MSA.
Multifamily demand fell short of new supply in greater Orlando, from 590 units to 1,714 units, during the fourth quarter of 2015, according to MPF Research. Occupancy thus slipped 0.6 percentage points to a still-high 96.3 percent. On an annual basis, however, metro Orlando occupancy rose 0.6 percentage points, on demand for 5,710 units and supply of 4,530 units.
The metro recorded quarterly rent growth of 0.3 percent, MPF added. Year-over-year, effective rents climbed an impressive 6.6 percent to an average of $1,045 per month, or 0.4 percentage points below the post-recession high recorded last quarter.
Arbour Valley Development, which develops multifamily in the Southeastern U.S., tapped Doster as the project’s general contractor. This makes Doster’s second apartment development to begin in Florida this year, after breaking ground in Pensacola on the Crossings at Milestone in January.