Altamonte Springs-based ContraVest paid just over $7.07 million on Tuesday for the site of its second phase of apartments on Universal Boulevard, with an expectation to break ground by April, a lead executive with the company told GrowthSpotter.
The developer, builder and manager of market rate multifamily communities has had this 12.17-acre parcel northwest of the intersection with Destination Parkway under option-contract from Orlando Equity Partners since mid-2015, which neighbors its first phase, named The Courtney (355 units).
Dubbed The Addison at Universal Apartments, this 344-unit phase will be independent of The Courtney. Amenities on the site will include a swimming pool and pavilion area (0.45 acres), dog run (0.11 acres) and a barbecue pavilion space.
ContraVest filed a Development Plan in August for the Phase 2 project, and a revised DP was approved in mid-October by Orange County's Development Review Committee, on consent agenda.
ContraVest aims to start horizontal site work on the site within the next 60 days, with three to four months expected for that phase, principal and CFO John Schaffer told GrowthSpotter.
Vertical construction would follow in the late summer or early fall. ContraVest serves as its own general contractor, and would field subcontractor bids.
A construction loan of $40.17 million will be sourced from Fifth Third Bank, which should close later this week, he added.
The second phase's 344 units will be spread across six four-story buildings, with 32 studio units, 125 one-bedroom, 160 two-bed, and 27 three-bed, according to plans. It will also have four carriage buildings with two walk-up units each.
The apartments will be surrounded by 20 acres of retail and dining outparcels wrapping the hard corner dubbed Destination Shoppes, being developed ComTerra Development Group and Craft Development Corp. out of Toronto.