Wood Partners Opens Orlando Community
The developer is steadily signing up residents in the face of a challenging local multifamily market.
Wood Partners has opened a 328-unit luxury apartment community in Orlando, Fla., with more than two dozen move-ins already scheduled for August and September despite the city’s challenged multifamily market. Alta Headwaters marks the national developer’s third community in the neighborhood and its 14th in the Central Florida city. The company began vertical construction on the new property roughly a year ago.
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Located at 4000 Headwaters Way, the property sits on a 15.3-acre site at the intersection of Central Florida Parkway and John Young Parkway and consists of seven elevator-serviced, four-story buildings. The development offers a mix of studios and one-, two- and three-bedroom apartments. High-end amenities include a resort-style saltwater pool complete with private cabanas and hammocks, a fitness center and a fenced dog park. Units are finished with quartz countertops, wood-style plank flooring throughout much of the apartment and other premium touches.
The community is directly across the street from Grande Lakes Orlando Resort, the city’s largest luxury hotel complex, and within minutes of several corporate office and industrial parks. Darden Restaurants, Lockheed Martin and Tupperware Brands are among the major employers with a presence in the area, which is also home to shopping options including The Florida Mall and Orlando’s “Restaurant Row,” Sand Lake Road. Alta Headwaters is nearby Shingle Creek, the northernmost headwaters of the Florida Everglades, and within 2 miles of Interstate 4, Florida’s Turnpike and the Beachline Expressway.
Coping with crisis
The coronavirus crisis had a severe impact on Orlando’s tourism and entertainment sector, contributing to a 0.4 percent year-over-year contraction in multifamily rents in April, the steepest decline among major U.S. metros, according to Yardi Matrix. The challenges continued through July, with major theme parks operating at dramatically reduced capacity and many large employers announcing layoffs.
To help the state weather the storm, Governor DeSantis extended Florida’s eviction and foreclosure moratorium through September 1 but also approved cutting $225 million from the funds previously set aside for affordable housing initiatives.
Last month, a joint venture of Batson-Cook Development Co., Red Clay Development Partners and Atlantic Residential started construction of a 300-unit workforce housing community in Orlando’s Champions Gate submarket. The property at the corner of Ronald Reagan Parkway and U.S. Highway 27 is slated for completion by late 2021.