Located at 8200 Jayme Dr., Windermere Cay's first two phases of Class-A apartments were built in 2013 and 2015, and now total 380 units that are managed by Greystar.
The property lies just outside the Center Drive entrance to Disney's staff parking and back-of-house facilities, and has drawn a strong renter contingent from the company.
MMI president Michael Wright bought the 46-plus acres in 2008 for $2.85 million from Centex Homes, partnering with a family office out of Texas.
"It was a very astute purchase on our part, that stretch of Reams Road where Windermere Cay is located has really blossomed in recent years," he told GrowthSpotter. "We're holding that asset and building it out."
Wright's Timberlock Partners affiliate filed a Development Plan on Monday with Orange County for a 124-unit Phase 3, which would bring Windermere Cay to 504 units.
Phase 3 would include two new four-story buildings, surface parking and outdoor amenities that include a dog wash and car wash area. The unit count breaks down as 28 one-bedrooms, 80 two-bedrooms, 12 three-bedrooms and four four-bedrooms.
The DP depicts expansion potential for two more buildings in the future.
Construction plans are in design phase now, which should be priced out in the next 90 days with a groundbreaking anticipated for this summer, Wright said. Roughly $18 million is estimated for the project costs, he added.