Cleveland-based NRP Group, a developer, builder and manager of luxury multi-family properties, is just weeks away from full build-out at its first community on Big Sand Lake and is actively seeking land in Orlando's key sub-markets for its next project, a vice president with the company told GrowthSpotter.
NRP Group owns or manages more than 100 apartment communities in 12 states, with eight in Florida. Its first in Orlando that's now concluding construction is Lake Vue, a 196-unit property located at 7119 Sand Lake Reserve Drive, based off of Turkey Lake Road with more than 1,000 feet of frontage on Big Sand Lake.
"The right real estate in Orlando had been a goal of ours for a few years, and property that allows for luxury multi-family is scarce. We're now actively seeking A-plus real estate in the right areas here for luxury multi-family," said Kurt Kehoe, who is operating the company's Florida assets out of Lake Mary.
"We want to be close to the downtown core, or with proximity to employment centers," he continued. "Growth in the tourism corridor was a key draw for Lake Vue. Lake Nona-Medical City is another attractive area, Maitland, Winter Park and Altamonte Springs are also proximate to employment and general growth."
Developable land of at least 10 acres is in Kehoe's sights for suburban locales, while parcels as small as two acres in Orlando's downtown could serve NRP Group for aggressive vertical development, he said.
The company acquired just under 10 acres of land for its Lake Vue development in May 2014 for $2.5 million, an attractive waterfront location within the Dr. Phillips school district. The property's location on wetlands was a challenge to develop, and required permission to encroach on wetlands and into a floodplain, with wetland credits and permits needed from Orange County, the South Florida Water Management District and the Army Corps of Engineers.
Total development cost of Lake Vue should be $29 million when it is fully opened in late December, or roughly $150,000 per unit. NRP Group has certificates of occupancy for two of its three buildings thus far, and was 35 percent leased with 20 percent occupancy as of this week.
The company acquired a construction loan from U.S. Bank out of Chicago, a lender it has turned to for financing on many of its apartment communities, Kehoe said. Abington Properties, a private real estate investment fund from New York City, also helps finance NRP developments.