A subsidiary of Washington, D.C.-based Republic Family of Companies is teaming up with local real estate firm Urbanscape Development to buy and develop land in eastern Orange County.
Plans recently filed in Orange County indicate the partners want to develop a 200-unit multifamily project at 8751 Valencia College Lane. The 7.8-acre property lies east of Valencia College East Campus and sits adjacent to S.R. 417.
Republic’s subsidiary Republic Properties Corporation is listed as the developer in plans. Jon Wood with Urbanscape is listed as the applicant. Bobby Bridges with V3 Commercial Advisors represents the buyers.
The property hit the market in October asking $1.6 million.
Tommy Fry of Property Logic RE is the listing agent. Fry told GrowthSpotter the parties involved are scheduled to close in July.
The current owning entity, AC Five LLC, acts as a holding company for the family members of the late Robert E. Langford. The hotelier is credited for bringing Central Florida’s first air-conditioned hotel in the 1950s.
The Langford Hotel in Winter Park opened in 1956 at New England and Interlachen avenues. In its heyday, it hosted guests like Ronald and Nancy Reagan, who famously celebrated their 25th anniversary at the hotel three years before he was elected President. After years of operation the hotel closed in 2000 and was torn down in 2003.
Records show the company, formerly known as the Langford Corporation, bought the parcel in 2006 for $1.07 million.
Urbanscape and Republic Properties Corp. are looking to build a multifamily community consisting of five, four-story buildings featuring a mix of one-, two- and three-bedroom units.
Plans show the community will include a 4,737-square-foot amenity center with a pool area for residents. Other amenities include walking trails, picnic areas and an active recreational area with games.
Kimley-Horn and Associates is the civil engineer and landscape architect.
If completed, the asset could potentially draw offers from investors looking to acquire multifamily communities near college campuses.
Last year, West Palm Beach-based Priderock Capital Partners paid $63.25 million for a 356-unit apartment nearby.
The project sits about five minutes north of Valencia College East Campus along North Econlockhatchee Trail.
Horizon Realty Advisors paid $65 million to purchase of the Glenn apartments near the University of Central Florida in January 2019.
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.