Rodrigo Betancor/Photo provided by Berkadia
Just weeks after paying $100 million for the newly-opened Indigo Champions Ridge in Davenport, Middleburg Communities is prepping to break ground on its first new-build apartment community in Central Florida.
The Virginia-based developer closed Monday on the $8.4 million land sale for Mosby Citrus Ridge, a new 300-unit Class A apartment community the company is co-developing with equity partner Parse Capital.
The project is located on U.S. 27 just south of the U.S. 192 intersection, adjacent to the Holiday Inn Vacations Club Orlando Breeze Resort. Indigo Champions Ridge is about two miles down the road, at U.S. 27 and Ronald Reagan Parkway. The three-story garden-style community sold for about $333,333 per unit.
TJ Sedeski, Assistant Vice President of Investments, told GrowthSpotter the firm is waiting for final permit approvals but expects to start construction this month. The company operates through much of the Mid-Atlantic and Southeast markets and chose to enter Orlando this year because of the area’s population and employment growth.
“We’re sold on Orlando as an entire MSA,” Sedeski said. “Four Corners was where we realized the opportunity early on.”
Mosby Citrus Ridge will consist of five, 4-story luxury residential buildings, and will feature many resort-style amenities including, high-end interiors with luxe finishes, state-of-the-art technology throughout the community, a saltwater pool, a fully-equipped fitness center, outdoor pavilions with fire pits and grilling stations, a yoga lawn and more.
The 300-unit lifestyle-oriented, housing community by Cline Design will offer a variety of 1-, 2- and 3-bedroom floor plans, with monthly rents starting at less than $2,000. Construction is expected to be completed by May 2024.
“What we try to deliver is what we see the bulk of renter demand,” Sedeski said. “Clubhouse, pool, dog park – we focus on location – particularly entertainment. We’re pretty proximate to a lot of employment
Simmons Bank provided a $53 million construction loan for the project.
Mosby is one of four new apartment communities in the pipeline all within a mile of the U.S. 192/U.S. 27 intersection. Just across the street, Park Square is building Aston Park, a 338-unit community with a mixture of 4-story apartment buildings and 2-story carriage house units. The mixed-use development also has lots fronting on U.S. 27 for a 250-room hotel, shops and several drive-thru restaurants.
Park Square closed on the 27-acre site and received a notice of commencement May 2. Huntington Bank provided $59 million in construction financing.
Development Director Sid Gautem told GrowthSpotter the firm is on pace to receive its first certificates of occupancy in the fourth quarter of 2023. “The commercial portion will be developed after the residential,” he said. “We are talking to potential partners for the hotel and the QSRs.”
Just north of W192 in South Lake Crossings, Crown Diversified Industries is prepping about 20 acres for a new apartment community north of Town Center Boulevard and south of Cagan Ridge Boulevard.
A conceptual site plan shows a 273-unit apartment community that consists of 13, 3-story multifamily buildings and a 5,000-square-foot clubhouse with a large pool pavilion. Amenities include a car maintenance and washing station, a fenced playground area, a dog park and a large community garden.
And in Southeast Orange County, the owner of 57 acres on Bali Boulevard is seeking entitlements for 382 multifamily units on land that had been approved for a hotel complex.
Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.