A Miami-based private-equity firm is entering the real estate market by building apartments in Davenport on the land the company’s owner has been sitting on since 2013.
Flacks Group, with assets of more than $2 billion, plans to start with a 132-unit community called NottingHill Davenport and expand the brand to more than 1,000 units by 2024, director and head of U.S. real estate Jordan Desnick told GrowthSpotter. The first community is located at Davenport Boulevard and 10th Street on 7 acres that founder Michael Flacks purchased in 2013.
“We think it has a lot more runway than Miami.” Desnick said of Polk County and Davenport in particular. With its proximity to U.S. 27 and Interstate 4, nearby employers including Amazon and Disney and only 20 minutes to theme parks, Davenport continues to grow rapidly. Something Flacks anticipated when he bought the land, Desnick said.
“It was close to the main road. He knew Disney had to grow; Orlando had to grow,” Desnick said.
Flacks paid $532,000 in 2013 after the previous developer lost the land in foreclosure in 2012, according to property records. A now-defunct Nottinghill LLC paid $1.6m for the property in 2007. It was supposed to be Phase 2 of Nottinghill Condo Association, Desnick said. Now the property will get new life with apartments and resort-style amenities.
“There really is a need for apartments for people who can’t afford or homes or don’t want one,” said Desnick who was hired by Flacks to get the real estate venture going. The property sits in the shadow of single-family communities with vacant land to the north across Davenport Boulevard and abutting to the south.
The Florida market demand for apartments outpaced supply in the past 12 months and the Orlando-area market led the way, according to the National Association of Realtors
Nottinghill Davenport will include four 3-story buildings with a development breakdown of 78 one-bedroom apartments (each with a den), 43 two-bedroom/two-bath and 11 units with two bedrooms, two bathrooms plus a den. Among the planned amenities are a pool and deck, picnic area, dog park, gym, community room and kids area.
Miami-based Origin Construction is the contractor. Winter Park’s AIP Design Inc is the architect. Flacks is working with Orlando-based Dave Schmitt Engineering, and the on-site owner’s representative is Ron Schwartz.
Flacks has already announced plans for a sister Nottinghill community in Lakeland, slated to open in 2024.
Other apartment developments in the area include Atlanta-based multifamily developer, Penler, which is planning a 325-unit luxury apartment development and an accompanying 100 townhomes on Ernie Caldwell Boulevard.
OneEleven Residential closed on the 18-acre site on Sand Mine Road next to the Citrus Ridge Academy in Polk County in August 2021 for $4.8 million and started construction on a 264-unit apartment community called Harper Grove.
In nearby Haines City, Boston-area Saxon Partners plans to build a 240-apartment community and a 16,000-foot medical building across Massee Road from AdventHealth Heart of Florida hospital.