Ohio-based NM Residential closed Thursday on the $9.72 million-purchase of 30.79 acres in Apopka near the new Florida Hospital Apopkafrom an affiliate of Winter Park-based MMI Development. MMI will develop the site with an initial 272 unit-phase of the Marden Ridge Apartments for NM to own and manage.
It completes a series of acquisitions dating back to September, in which NM has now bought four apartment sites in total from MMI -- with two each in Apopka and Maitland. An initial phase in each city will break ground this year totaling $101 million in planned investment, followed by neighboring second phases after the first are built and leased.
"Mike Wright (president of MMI Development) was contacted by Michael Neiderst (president of NM Residential), and this has been a relationship that developed two years ago that resulted in the sale," said Angel de la Portilla, governmental consultant for Central Florida Strategies, MMI's representative on both the Maitland and Apopka projects.
"This is NM Residential's entry into the Central Florida market," he continued. "Both projects have development plans approved by their respective cities. Both are shovel ready, with permits ready in Apopka and permits in Maitland expected soon."
In late September, NM Residential purchased about 20 acres in Maitland from an MMI affiliate for $13 million, southeast of the Maitland Boulevard-Forest City Road intersection.
Half of that land will be developed for a first phase of the Maitland West Apartments, with 315 units. An additional 15 acres adjacent to that property is still owned by MMI, and reserved for future commercial development.
MMI and silent investment partners acquired the land in Apopka and Maitland in recent years and developed the pad-ready sites for eventual sale.
In Apopka, the first phase of Marden Ridge Apartments on Marden Road lies roughly a mile away from the new $203 million-Florida Hospital Apopka site. The apartments will be marketed to future hospital employees when the facility opens in Spring 2017.
MMI will develop both projects, managing construction for NM with Walker & Company hired as general contractor. The first phase of Marden Ridge in Apopka is budgeted as a $47 million investment, while Maitland West Apartments should cost $54 million, de la Portilla said.
In early September, MMI won approval from Apopka's City Council to front the cost and risk to build a $6.5 million interchange at the intersection of Marden Road and the 414 Apopka Expressway.
The east and west interchange ramps will be built directly in front of the planned 272-unit Marden Ridge Apartments. The new interchange is expected to open up large tracts of undeveloped land for development in the vicinity of Florida Hospital Apopka.