Sovereign Properties, ICG Wrap Orlando-Area project
A second phase will grow the property to 700-plus apartments.
Atlantica at Town Center offers some of the largest units in the area, according to the developers. Image courtesy of Sovereign Properties and Invest Capital Group
Sovereign Properties and Invest Capital Group have completed Atlantica at Town Center’s first phase, a 360-unit rental project in Davenport, Fla. The second phase is set to break ground later this year, with completion by late 2024, adding another 352 apartments.
Atlantica at Town Center currently encompasses 14 buildings with three and four stories. Units range between 683 and 1,435 square feet, offering one-, two- and three-bedroom floorplans. The Class A community’s first phase is more than 60 percent leased.
The 62.6-acre property is located at 1121 Loblolly Land and is close to Disney World, 7 miles north, as well as Universal Studios, which is 20 miles away. Atlantica at Town Center is near Interstate 4, linking Orlando and the Tampa area. Nearby retail options include an Aldi, a Publix and a CVS pharmacy, as well as numerous dining options, all within walking distance.
Common-area amenities include a fitness center, business center, clubhouse, swimming pool with cabanas, yoga studio, as well as a pet park and a game room. The property offers more than 500 parking spaces. Each apartment comes with stainless steel appliances, quartz countertops, washers and dryers and walk-in closets.
The joint venture’s past and future plans
Sovereign Properties and Invest Capital Group have been focusing on growing population and job centers across the Sun Belt, finding locations that are close to large metros. Atlantica at Burleson, situated in a submarket of Fort Worth, was the first project completed in partnership by the two parties, in 2022. The asset was later acquired by The Jacobson Co. in an off-market transaction.
The joint venture contracted the land for Atlantica at Town Center in 2018 with construction starting in early 2021 and has more Atlantica projects underway, such as Atlantica at Dayona in Daytona Beach, Fla., and Atlantica at Alamo in San Antonio.
