Columbus, Georgia-based Flournoy Partners just activated plans for what would be its fourth apartment community in Central Florida.
According to a site plan submitted in Apopka, Flournoy Partners is targeting a fast-growing area in the city for its latest multifamily development in metro Orlando. The real estate developer has built communities in Orlando’s tourism corridor and recently broke ground on a 314-unit luxury apartment community in Davenport called Apex Posner Park.
Its recently proposed multifamily project, Apex Apopka, will consist of six, 4-story apartment buildings. Plans call for a 285-unit multifamily community on about 19 acres at 1505 and 1821 S. Binion Road.
The multifamily buildings will surround a central pond, and residents will have access to an amenity center, resort-style pool and courtyard area with fire pits, grill areas and outdoor games, company president Jake Flournoy told GrowthSpotter. He adds the residents will have access to a walking path that will allow them to circumnavigate the central pond.
“This will be a best-in-class product,” Flournoy said. “We want the properties we develop to enhance the lives of people who live there.”
Flournoy Partners is under contract to purchase the two parcels from Binion Road LLC, led by Andrea Hodel and Vicki Berman, in the fourth quarter of this year. Records suggest the owners have held onto the property since the 1940s and used it for agricultural purposes, timber production and pastureland.
Some of the first residences in the area appeared in the early 2000s when S.R. 451 was constructed, followed by even larger-scale developments that came as a result of the construction of the Western Beltway (S.R. 429) in the area in the early 2010s.
Today, much of the surrounding land looks rural, but plenty of neighboring properties are being sought out by developers that plan to build residential communities and commercial projects.
The AdventHealth Hospital at 2100 Ocoee Apopka Rd. was part of that rush to develop new land. The development site that Flournoy Partners has under contract sits about a mile away from the hospital.
“Apopka is definitely going through a transformation. Part of the story is the availability of land for development,” he said, while other parts include the construction of the hospital and the Wekiva Parkway, which passes through the western beltway and will eventually connect to S.R. 417. The extension is scheduled to be complete in 2023.
“It’s going to create satellite communities all throughout the north and south connections,” Flournoy said. “The hospital has created a dynamic job center and homes sales have been strong in the submarket.”
He adds the acceleration of development in the area is also a byproduct of what he calls a COVID-19 effect that is luring more renters to suburban markets.
“Acces to single-family housing has been made more difficult,” he said. “We believe the renting population has undoubtedly increased and will continue to increase as long the cost of single-family living is elevated.”
North of Apex Apopka, Sunrise-based real estate investment company Centerline Capital Advisors is assembling about 367 acres of land with plans for a large mixed-use community that can accommodate 1.5 million square feet of industrial space, up to 278 multifamily units and up to 643 single-family or townhome dwelling units.
Nearby, Ohio-based NM Residential is planning a 264-unit multifamily community called Summer House, south of Ocoee Apopka Road. And Wood Partners recently completed building a 285-unit apartment community at 2423 Areca Palm Dr. called Alta East Shore.
West of the intersection between S.R. 429 and South Binion Road (C.R. 437), JCF Living is pursuing to purchase about 43 acres of land. The company has not yet submitted plans, but its website says the firm specializes in building rental homes.
Metro Orlando was one of the top performers nationally in apartment development, with 8,652 apartment starts in 2020, according to RealPage, a real estate software and analytics firm.
A total of 7,425 new apartments were completed in the year ending in March, according to RealPage data. Nearly 15,150 units are under construction in metro Orlando, and about 10,422 of those units are scheduled to complete within the next 12 months.
Last year, Flournoy Partners completed its 330-unit Essex Luxe Apartments in the Orlando tourism corridor. In 2018, it sold its 268-unit Axis West apartment community at 6820 Axis West Circle for $62.85 million to Bluerock Real Estate.