After completing a 264-unit luxury apartment community on Big Sand Lake in 2021, a Virginia-based multifamily developer is now looking to bring a second product to one of Orlando’s most affluent submarkets.
Jefferson Apartment Group has submitted a preliminary application to Orange County seeking input on a proposed 278-unit community at the intersection of Lake Marie Way and Turkey Lake Road in Dr. Phillips. The plan includes 20 townhome units.
The 33-acre property, which sits along the eastern shore of Little Sand Lake near Universal theme parks, currently has entitlements for commercial usage, according to application materials submitted by Carolyn Haslam, a land-use attorney with the Akerman Law Firm. The switch to multifamily for the property would require a land-use change.
During the pre-application meeting with county planning staff, the development team is also hoping to discuss transportation for the project as it relates to several existing conditions of approval impacting development on parcel G within the Granada PD.
Representatives with Jefferson Apartment Group could not be reached for comment.
A good chunk of the Granada PD has been built out. To the northwest, the upscale Publix-anchored Plaza Venezia shopping center includes nearly two dozen shops and restaurants. To the south is a 394-unit luxury apartment community built by Houston-based The Hanover Company in 2019. Arcadia Dr. Phillips, as it’s now called, was sold in 2021 to Boston-based AEW Capital Management for $115 million.
Rent rates for Arcadia Dr. Phillips range from $1,995 for a one-bedroom unit to $5,624 for a three-bedroom unit.
Next door to this community, Meritage Homes has built out its Sand Lake Sound subdivision with attached and detached single-family homes.
The property within the PD are remnants of more than 700 acres bought on or near Sand Lake Road in the late 1970s by Israeli architect and real estate developer Moshe Mayer, who was best known for luxury hotels he built in Africa.
When he passed away in 1993, Mayer’s local properties were divided between two investment parties from Israel: the Marcent Equity Group and Granada Group.
The parcel eyed by Jefferson Apartment Group is owned by an entity affiliated with Marcent Equity Group, under the management of Orlando attorney Tom Ross.
According to conceptual plans, Jefferson Apartment Group wants to build three four-story apartment buildings on the site. Building A, nearest to Little Sand Lake, is the largest and includes 146 units along with space for leasing offices and amenities. Buildings B and C will include 56 units a piece.
The easternmost section of the property nearest Turkey Lake Road, on the opposite side of Lake Marie Way, is where four three-story townhome buildings with a total of 20 units will go. The parking area for these units will be tucked underneath the townhomes, according to plans.
The surface parking lot for the apartment units will include 444 spaces.
Jefferson Apartment Group has an office in Orlando and has been active in this area. The company developed Jefferson Sand Lake a short drive to the south along Turkey Lake Road where nearly all apartment homes provide water views with Mirror Lake to the east and Big Sand Lake to the west.
Each unit offers gourmet kitchens with stone countertops, tile backsplash, stainless steel appliances, sleek plank flooring, and full-size washers and dryers, according to the company’s website. Amenities include a boutique hotel-inspired leasing center and clubhouse, resort-style deck with a heated saline infinity pool, outdoor lounge, state-of-the-art fitness center, two waterfront docks, a zen garden, dog park, and electric vehicle charging stations.
Units range in price from $1,939 for a one-bedroom unit to $3,704 for a three-bedroom unit.
The company is in the midst of developing a garden-style gated community in Apopka with 304 units across a mix of eight 3-story and 4-story buildings. The 16-acre site sits along the banks of Medicine Lake, near the intersection of Ocoee Apopka Road and SR-429 about a half mile away from the new AdventHealth Hospital.
This not-yet-named community will include a fitness center, tech lounge with private offices, pet spa, a resort-style swimming pool, an expansive deck overlooking the lake, a fire pit patio, outdoor kitchen, gaming area, a trail network, pocket park, dog park, and a playground.
Jefferson Apartment Group has also built several other apartment communities in Central Florida that have since been sold off. These include the 384-unit Jefferson Lake Howell in Casselberry, the 112-unit Azul Baldwin Park in Orlando, and the 299-unit 420 East in downtown Orlando.
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