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Alliance Residential under contract to buy multifamily development site by Grove Resort & Water Park

Highlighted in red is a 38-acre development site being entitled by BTI Partners and Westport Capital Partners. Highlighted in green is the site plan for the multifamily portion being planned on the site.
Highlighted in red is a 38-acre development site being entitled by BTI Partners and Westport Capital Partners. Highlighted in green is the site plan for the multifamily portion being planned on the site. (Orange County Property Appraiser/GrowthSpotter)

Multifamily developer Alliance Residential Company is close to securing the site of its next development in Central Florida.

The company is under contract to purchase about 18 acres of land on the southeast corner of Avalon Road and Hartzog Road, according to a recently filed Development Plan titled Avalon Pointe Apartments.

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Plans call for a 300-unit garden-style apartment community equipped with a one-story, roughly 4,000-square-foot clubhouse and amenity pool area. Other features in the site plan show the project will include 0.75 acres of recreational space, a dog park and pedestrian paths encircling a pond within the community.

VHB is the civil engineer and landscape architect. HLR Architects is the architecture firm working with Alliance Residential.

The 18 acres are part of a larger 38-acre portfolio owned by an affiliate of Connecticut-based Westport Capital Partners. In August, GrowthSpotter reported that the firm was amending the property’s Land Use Plans so it may divide the land into two parcels.

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The northern parcel is the property under contract with Alliance, while the southern 20-acre parcel was amended to allow for up to 300 short-term rental units.

BTI Partners is partnering with Westport on the project. In a previous interview with GrowthSpotter, BTI chief operating officer, Kevin Mays, said the southern parcel will feature mid-rise condominium-style suites.

Both properties stand to benefit from its proximity to major attractions, like the Disney theme parks. It sits less than four miles from Walt Disney World’s western gate.

BTI also partnered with Westport on the nearby Grove Resort and Water Park that is currently being expanded to feature an additional 160 suites in a new condo-hotel building. The addition pushes the total unit count of Grove Resort & Water Park to 1,038.

Alliance Residential bills itself as one of the largest multifamily companies in the nation, having invested in more than $10 billion worth of real estate and managing a $15 billion portfolio.

The company has an office in Winter Park and has made news in recent years with large developments throughout Central Florida.

Broadstone at Winter Park, a 268-unit multifamily mid-rise development, was 85 percent leased at the time of the sale. The deal breaks down to about $315,112 per unit.

Earlier this summer, Alliance and co-developer the Carlyle Group sold their 268-unit multifamily property in Winter Park’s Ravaudage community for about $84.45 million. The JV paid $6.7 million for the 2.3-acre site in 2016.

Last year, GrowthSpotter reported that the firm was bringing its Broadstone apartments brand to Sanford. The firm is behind bringing a 260-unit rental project on the southwest corner of International Parkway and S.R. 46.

In Orlando’s MetroWest neighborhood, it manages the Grand Reserve at Kirkman Parke condo community at 3301 S. Kirkman Road.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn

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