Winter Garden-based Boyd Development is jumping onto the rental home trend seen happening in the housing market.
According to a Development Plan Review application submitted in Orange County, the developer is embarking on plans to introduce attached rental homes in the Hamlin area of Horizon West.
The proposed 91-unit rental home community is situated on 8.26 acres at 6603 Avalon Rd., next to its planned 225-home Northshore at Lake Hamlin single-family home community,
Dubbed Homeplace at Hamlin Lakes, the proposed multifamily DP consists of building large 3-story attached townhomes with rear-entry garages. The conceptual plan features 15 residential buildings, consisting of three to eight rental units each.
Features at Homeplace at Hamlin Lakes include recreational areas and club area space dedicated to residents.
Kelly Collins & Gentry Inc. is representing the developer in plans.
Ken Kupp, a partner at Boyd Development, said the company is teaming up with Leeward Capital to build the rental homes.
“This project really came out of results from what we’re seeing in the housing market,” Kupp said. “We’re seeing demand for upper-scale rental projects.”
Kupp said he’s not only been paying attention to the Build-for-Rent trend that growing throughout the nation, but also to occupancy rates at the company’s Hamlin apartment developments, where he said he has noticed a strong demand for larger units.
“There’s a lot of families moving into the area, some of them were renting those units in advance to buying homes, others were moving into the market to feel it out and figure out where they wanted to buy and others, a big portion of them, prefer to rent instead of buy.”
In 2019, Boyd sold one of its first apartment projects in the community, LakeWalk at Hamlin, for a little more than $80 million. The 316-unit complex at 14012 Shoreside Way was built in 2018, next to the Hamlin Town Center that’s anchored by Cinépolis Luxury Cinemas, Publix and Walmart.
Now it’s prepping for the construction of The Homestead at Hamlin Lakes just south of the commercial center. The development plan calls for 203 one-bedroom units and 170 two- and three-bedroom units. Buildings will be a mix of three and four stories, many with tuck-under garages. A large amenity center creates an urban farm lifestyle, with a homestead clubhouse and leasing center with a pool and dog park. There’s also a separate barn and stable facilities.
More plans underway for the town center include a new 20,000-square-foot food hall, a 45,000-square-foot office building with retail and restaurant space on its first floor and a 125-room hotel, among other commercial buildings.
Boyd began assembling property for its Hamlin community in 2011. Since then, the firm has amassed more than 1,000 acres of land surrounding the SR 429 (Western Beltway) and the New Independence Parkway interchange.
Currently, the company is in the middle of developing a roughly 20-acre medical campus just north of the Avalon Road and S.R. 429 intersection that is anticipated to contain up to 177,800 square feet of commercial space across about a dozen medical office buildings.
Earlier this summer, GrowthSpotter reported the developer is planning to build a new independent medical school as part of plans for its medical campus in Horizon West. The proposed Orlando College of Osteopathic Medicine is located directly across the Orlando Health Horizon West hospital.
Active residential development in the area includes Dream Finders Homes’ 151-lot residential community, located south of New Independence Parkway and west of S.R. 429. The homebuilder is also building Wincey Groves at Hamlin, a 177-lot subdivision on 54 acres northwest of New Independence Parkway and Avalon Road. Dream Finders also is introducing a new 3-story townhouse concept with rooftop terraces in a Hamlin West community called Parkview.
Purpose-built rental communities are growing in popularity throughout the nation and Central Florida is no exception.
The trend has become attractive as an asset class for property investors, as well as good living options for Americans looking for more space without the commitment of making a down payment on a house.
NexMetro Communities, which has been building luxury leased home communities in the Southwestern U.S. for over a decade, opened a Central Florida division last year and will launch its first project in the Tampa market.
According to Brad Hunter, with real estate consulting firm Hunter Housing Economics, 64,000 units were started last year throughout the nation for BFR communities.
On a LinkedIn video discussing the trend he said he expects 80,000 this year and 100,000 in 2022.
“My estimate is $40 billion has been recently earmarked or is coming in the next six months for BFR,” he said.
EDITOR’S NOTE: This story has been updated to include quotes from the developer.