Charlotte-based Northwood Ravin, a developer of luxury apartments with properties in five states, paid an estimated $7.6 million last week for 13.7 acres just a few hundred yards from Orlando Vineland Premium Outlets off of S. International Drive.
Located at 7510 Lake St. on the southeast corner with Daryl Carter Parkway, the property is directly across the street from Floridays Resort Orlando, and just minutes by car to the Buena Vista Drive entrance to Walt Disney World. The estimated sale price is based on deed doc taxes for the Aug. 6 sale.
Northwood Ravin typically handles the development, design, construction and property management of its multi-family communities. The company has 14 apartment developments built and another eight in some stage of development or construction, including two new properties in Tampa.
One of those Tampa properties is Varela Westshore, a mixed-use development with 350 luxury apartments recently opened in the heart of Tampa's Westshore district, just a half mile from International Mall.
The Varela Westshore includes a 25,000-square-foot clubhouse with unique amenities like a resident wine vault, demonstration kitchen, hot tub, cold plunge pool, resistance pool, private spa treatment rooms, private music practice rooms, a 2,500-square-foot exercise facility with separate weight and yoga rooms, and more.
That Tampa property is managed by AFMC Inc., an affiliate of Associated Estates Realty, whose own apartment communities are now being managed by Fairfield Residential.
It was unclear Monday if Northwood Ravin or a third party would manage any future development on the property near Vineland Premium Outlets. Calls for comment to Northwood Ravin were not returned by late Monday afternoon.
Demand from Millennials, Baby Boomers and an ever-growing tourism labor force is driving new apartment development in the International Drive corridor. Nearly as many new projects have been prepped in the sub-market for construction over the past two years as the number opened there since 2010, GrowthSpotter reported in June.