Orlando, Fla. is getting another luxury lakefront property. Wood Partners has opened Lake House by Alta, a 299-unit property. The community began construction in April 2018 and welcomed its first residents on Feb. 1.
Located at 7600 Majorca Place, Lake House by Alta offers studios, one-, two- and three-bedroom units with views of the nearby Spring Lake. All units are equipped with a full-size washer and dryer, USB wall ports, and are cable-ready, while some units have walk-in glass showers, oversized bathrooms with double vanities and separate dining areas. The 387,255-square-foot property’s amenities include flexible office spaces, three elevated courtyards, a pool with cabanas, a pavilion with a fire pit, two fitness rooms, coffee and tea brew bars, a tasting room, a multi-purpose game lawn, a game room, a community kitchen, a pet park with a wash area and a package room with cold storage.
The 7.4-acre site is a half-mile away from Interstate 4 and a short commute to the area’s major regional employers like Darden Restaurants, Lockheed Martin, Universal Studios Orlando and the Orange County Convention Center. The luxury community has already attracted tenants as the property is nearly 30 percent leased and roughly 14 percent occupied as of March 8, according to Wood Partners.
Bryan Borland, managing director for Wood Partners, said in prepared remarks that Lake House by Alta will be a premier property in Orlando. In February, Wood Partners also opened both Alta Croft, a luxury 238-unit community in Charlotte, N.C., and Alta Sugarloaf, a luxury 330-unit community in Lawrenceville, Ga.
ORLANDO ON CRUISE CONTROL
Borland added in his prepared statement that Orlando was among the most rapidly-growing market in the U.S. According to Yardi Matrix’s winter report on Orlando’s multifamily market, property values have grown while rent growth has decelerated. According to the report, rents increased 2.3 percent year-over-year through November, which trails the national rate of 80 basis points, likely due to the delivery of nearly 37,000 units since 2014. However, the demand is still strong from the employment growth of 54,100 jobs in the last 12 months ending in September.
As rent growth slows, so does the transaction volume for multifamily communities. The report noted that Orlando saw $2.2 billion in traded assets during the first 10 months of the year, far from the $3.3 billion peak in 2017. However, per-unit prices continue to increase and reached $170,703 in 2019 through October.