Houston developer buys shovel ready MetroWest multifamily development site

Canadian residential developer Geosam Capital continues to cash in on its properties in Orlando’s MetroWest neighborhood.

According to a deed recently recorded in Orange County, the developer has sold its 9.2-acre multifamily development site in Veranda Park for $8.6 million. The Dinerstein Companies from Houston, Texas is the buyer.

The deal takes place on the heels of Geosam’s $45 million sale of its mixed-use Residences at Veranda Park project to Miami-based Westside Capital Group in June.

The properties were bought by Geosam around 2011 as part of a larger $18 million deal that included 15 acres directly south of the MetroWest Golf Course.

“What drew us to Orlando and Florida, in general, was job growth, tax climate, quality of life and population growth trends,” David Shahinian,vice president at Geosam Capital U.S., said.

Geosam still owns about 25,000 square feet of fully occupied, ground floor commercial space at 7065 Westpointe Blvd. and 6996 Piazza Grande Ave., as well as additional land from the original 2011 purchase.

On the site that recently traded hands, TDC received plan approval for a 320-unit luxury garden-style multifamily community called Millennium MetroWest. The complex will consist of 10, three-story walk-up buildings that overlook Turkey Lake.

Poulos & Bennett was the civil engineer. Humphreys & Partners Architects is the architect.

Planned amenities include a clubhouse, large fitness center, cybercafé, outdoor patio, resort-style pool, club room with indoor kitchen, and open concept leasing office with meeting rooms and offices. The unit interiors will be designed with modern kitchens, in-unit washers/dryers and smart home devices.

Newmark Knight Frank’s Kevin Judd, Scott Ramey and Patrick Dufour brokered the deal.

TDC entered the Orlando market in 2018 with the acquisition of Promenade Crossing apartments in Baldwin Park. Officials were not immediately available to respond. The company filed a Master Plan application with City of Orlando last year.

“Dinerstein has a proven track record of sourcing, developing and executing on these types of projects, so we have no doubt they will be successful,” Shahinian said.

Ramey with NKF told GrowthSpotter Orlando’s MetroWest submarket hasn’t received much new apartment inventory in the past decade. “There’s a lot of pent up demand from renters looking for new product in the area,” Ramey said.

MetroWest is near large job providers like Valencia College’s west campus and Universal Orlando, which is planning to grow its theme park portfolio.

Nearby, Georgia-based multifamily developer RISE: A Real Estate Company paid $10.6 million for land on the northwest corner of Raleigh Street and S. Kirkman Road with plans to develop a new luxury apartment complex called West Vue.

Just across the site, Equinox Development Properties completed the Kirkman Station shopping plaza, which is anchored by a two-story, 38,000-square-foot 24 Hour Fitness.

The area has also captured the attention of New York-based Blackstone Group, which recently paid for $90.5 million for a 456-unit rental community at 6101 Raleigh Street. The 25.75-acre property includes 18 three-story garden style buildings that date to 1998.

Blackstone purchased the neighboring Amara at MetroWest apartments in 2019 for $72.8 million.

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.