The joint venture just paid $3.7 million to acquire about 10 acres of land at 6575 E. Colonial Dr., where it plans to develop a 270-unit multifamily community. Records also show the JV scored a $29 million construction loan from Truist.
Catalyst spokeswoman Rachael Abt told GrowthSpotter the joint venture team plans to break ground this month, with an anticipated opening date sometime late next year. The project cost is estimated to cost $42 million.
Catalyst had been eyeing the site since the beginning of this year when it tapped Doug Skiles of Envision Design + Engineering to begin discussing the project with Orange County planners.
County commissioners approved the development plan in October. Catalyst and Carlyle Group plan on building six, three-story walk-up garden-style apartment buildings that will consist of a mix of one-, two- and three-bedroom units.
Abt said the apartment community will feature a tech-forward amenity package that will include smart-home technology like remote keyless entry, wireless enabled thermostat control and kitchen lighting control and an automated package concierge center and mail center.
Residents will have access to a dog park and dog spa, as well as a grand clubhouse with a co-working center, private conference room and co-working spaces. Amenities also include a fitness center and resort-style pool with outdoor grill stations and outdoor pavilion and lounge areas.
The multifamily community will also have a pedestrian connection linked to the nearby Barry University.
Jorge Sardinas, a principal at Catalyst, previously told GrowthSpotter rents will be market-rate but should be more attainable than rent prices seen in Baldwin Park.
A family investment team led by local owner-developer Daniel Wise sold the property. Jason G. Toll of NAI Realvest, the Orlando-area operation of NAI Global, brokered the deal on behalf of the owners.
Toll worked with the owners to rezone their property, including an additional roughly three acres of land fronting Colonial Drive that the owners were able to entitle to allow for up to 19,600 square feet of retail use.
Catalyst will tap NAI Realvest to market that parcel once construction of the apartments is complete.
The Carlyle Group has helped developed several luxury multifamily buildings in the area, including the 268-unit Broadstone at Winter Park apartment project (now called Juno at Winter Park) in the city’s Ravaudage community. Last year, co-developer Alliance Residential Company and the Carlyle Group sold the community for about $84.45 million. The JV paid $6.7 million for the 2.3-acre site in 2016.
Meanwhile, Catalyst has been busy selling off its multifamily developments across Central Florida.
Earlier this month, the company sold its recently opened 281-unit apartment complex in Winter Springs, called The Blake, for a little more than $62.2 million. The 12-acre site was developed at a projected cost of $42 million, according to the company’s website. The buyer is Atlanta-based Preferred Apartment Communities.
And in October, Rance King Properties, paid $66 million for Catalyst’s 296-unit Coda Apartments built last year, near the University of Central Florida.
On the development side, the company is in the midst of building a 280-unit apartment complex as part of the 40-acre mixed-use development Forest Hills in Davenport.
Editor’s note: This story has been updated with details about the planned project like features and project cost.