UPDATED: MARCH 8, 2019 10:25 AM — Integra Land Company, which is wrapping up construction of a 300-unit class A apartment complex at Sunrise City, exercised its option to buy another 41 acres in the community.
The Lake Mary developer paid $12.95 million for the land, which closes out the majority of the mixed-use project. The land is zoned Tourist Commercial, which allows up to 40 residential units per acre.
Master developer Intram Investments still controls the second retail phase at Sunrise City Plaza on S.R. 535/Vineland Road and a small piece of land on Osceola Parkway.
Integra was the first multifamily developer to build in Sunrise City, having paid $4.85 million in 2017 for 17 acres, which equates to about $285,000 per acre. Intram Vice President Randy Hodge told GrowthSpotter that Integra took out an option on the 41 acres at the time.
Integra President David McDaniel said the company has no immediate development plans for the property. "We're still working to finish up Integra Sunrise Parc," he said. "We're leasing now and will be completed in June."
The complex features luxury upgrades, such as kitchen islands with granite counters, built-in computer niches, a zero-entry saltwater pool with a wifi-cabana bar, valet trash pick-up and a dog park.
Schuyler Levine, an executive with Toronto-basedH&R REIT, and New York attorney Michael Loeb acted as financing partner with Integra on the deal. The acquisition that closed last week was at a slightly higher price of $315,000 per acre, but still a bargain compared to the most recent land sales in Sunrise City -- both to multifamily developers.
Tampa-based Sembler Investments paid $7.5 million last August for 11 acres and expects to break ground in April on a $65 million luxury apartment complex with 340 units.
Last month, an affiliate of Northwood Ravin and Tampa-based Framework Group paid $25 million for 45-plus acres immediately east of the shopping center and straddling both sides of Sunrise City Drive.
Editor's note: An earlier version of this story incorrectly stated that H&R REIT, a publicly traded REIT, was involved in the transaction. The investor is an executive with the REIT and used the firm's address on the deed.