A Washington, D.C.-based equity firm has formed a joint venture with Flournoy Partners of Georgia to fund the construction of 268 luxury apartments on Westwood Boulevard, less than a mile from SeaWorld Orlando.
"Axis West is a joint venture between Flournoy Partners, the developer, and Carlyle Group, as the equity partner," president Jake Flournoy told GrowthSpotter.
The joint venture entity paid $5.65 million on Tuesday for a 12-acre undeveloped parcel fronting Interstate 4 and Westwood Boulevard. The site, located at 6803 Westwood Blvd., has already received building permits and been prepped for development by Flournoy in recent months.
Construction is slated to begin in two weeks on the gated apartment community with a budget projection of $38 million, GrowthSpotter previously reported July 9.
The property will include four buildings of four stories each with elevators and secure-entry, interior corridors. They will surround a central pond and resort-style pool with grilling stations, playgrounds and more Class A apartment amenities. Flournoy said the ground floor units would have attached garages, and all units would have gourmet kitchens with stainless steel appliances and granite countertops.
"We're going to have pet parks, and we'll have our own pet-grooming facility," he added. "The valet services will make us stand out with regard to the competition."
Flournoy said the first units are scheduled for delivery in November 2016.
The property will be managed by Flournoy Properties, a part of the Flournoy family of companies, which are based in Columbus, Ga. Flournoy Construction will serve as general contractor.
"They're in the process of buying out the project now," he said.
The joint venture bought the property from U.S. Bank, National Association, which was serving as corporate trustee for charitable trust the Anheiser-Busch Foundation of St. Louis.
The joint venture took out a $30.9 construction loan from BB&T.
The Carlyle Group is a global alternative asset manager with $188 billion of assets under management across 126 funds and 160 multi-manager investment funds. That includes six funds focused on U.S.-based real estate assets like this.