Six years after an Ohio-based multifamily developer and investor bought into Apopka by acquiring Marden Ridge Apartments near the intersection of S.R. 451 and S.R. 414, he and his project team are almost ready to open the doors to a 264-unit community next door.
The trio consisting of NM Residential, Nied Capital and Nvision Development announced in a news release that Summer House at Lake Apopka, located at 1350 Marden Rd., would be welcoming its first tenants on June 1.
The area has experienced an avalanche of growth since Michael Niederst with Nied Capital and NM Residential made his initial investment into Apopka. On the opposite side of 451 and Ocoee Apopka Road, a short drive from Marden Ridge and Summer House, Centerline Capital Advisors is planning to deliver a mixed-use project called The Ridge at Lake Bronson, which is entitled for up to 683 residential homes, 678 apartments, 350,000 square feet of commercial/office space, and 1.5 million square feet of industrial uses.
As of January, the city of Apopka had 114 development projects in the pipeline totaling 11,366 residential units and 20.8 million square feet of non-residential space, according to city records. Of those projects, 2,952 residential units and 4.5 million square footage of non-residential space are under construction.
Marden Ridge was built by Orlando-based MMI Development, but entities affiliated with Nierdest acquired the land in January of 2016 for $4.9 million with the intention of owning and managing the property upon completion. Nierdest also snagged adjacent property, the Summer House site, for $4.8 million, according to county deed records.
In a news release, Ian McCook, President of Maitland-based Nvision Development, spoke of the team’s decision to jump aboard the Apopka train early, anticipating its imminent boom.
“Our team at Nvision and NM are often the first to identify areas of growth that have an underserved need for housing, and projects by others tend to follow,” he said. “Apopka is the next great growth area in Central Florida and Summer House will be considered the place to live for years to come.”
For Summer House at Lake Apopka, the project team secured a $44.3 million construction loan in January of 2022 from the Huntington National Bank.
“We wanted Summer House to be a true retreat,” Nierdest said in a statement. “A place where residents will want to take advantage of sunshine, morning dips in the resort-style pool, long, lazy lunches on the balcony of their apartment, and evenings unwinding as they grill out and relax. Every aspect of the design of Summer House has been carefully thought out, from the beautiful white buildings reminiscent of vintage holiday homes to luxury- resort-inspired interior amenities.”
Centered around a large pond, Summer House will feature 264 units in four, four-story buildings with elevators and an incorporated, double-height clubhouse.
The clubhouse will include a resident lounge, golf simulator, nautical-inspired bar, a two-story gym overlooking the pool, a meditation room, and a private dining area that can be rented out for private parties. The second floor of the clubhouse will feature a balcony with a shuffleboard table and lounge seating.
A walking trail around the pond in the center of the property will take residents to a dog wash station, fire pits, hammocks, and other outdoor amenities.
Each unit will feature elegantly designed granite or quartz countertops, shaker-style cabinets, faux wood floors and balconies. A unique feature will be the inclusion of built-in desks with granite tops and a mud closet at various unit entries. Residents who work from home will have the opportunity to rent out co-working office spaces located in the second floor of the clubhouse.
The project team also includes Appian Engineering and Altamonte Springs-based architecture firm Forum.
“The location of this project is unique to Orlando, as the property is elevated high above the surrounding area,” McCook said in a statement. “Every home in the project will have a view, either of the lake, walking path and pool in the center of the project, or of the breathtaking views in all directions from the exterior units.”
The partners are behind several other apartment projects across Central Florida, including Arya Windermere, Serenity at Lake Wales, and a student housing community called Vale East near Valencia College’s East Campus.
The trio is also constructing a 385-unit apartment building, called Aspen at Maitland West. The community will serve as the sister building to NM Residential‘s Tiffany at Maitland West, a 315-unit multifamily development, built in 2018, at 9301 Summit Centre Way.
Have a tip about Central Florida development? Contact me at (407)-800-1161 or dwyatt@GrowthSpotter.com. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.
