A company tied to Washington, D.C.-based Republic Properties just submitted plans for a second multifamily community next to another one of its planned apartment complexes near the Central Florida Greeneway in eastern Orange County.
President and co-founder Steven Grigg was listed in recently submitted plans in Orange County detailing the firm’s intention to build a 400-unit apartment complex on about 23 acres northwest of where Valencia College Lane and S.R. 417 intersect, directly across Valencia College’s School of Public Safety.
The 400-unit project abuts another planned apartment community proposed by the same developer, called Avery Village. Plans for the initial apartment community at 1000 Avery Village Loop call for 200 apartments. The project features five multifamily buildings surrounding a central pond, as well as a separate clubhouse building and pool.
Records show Republic purchased 7.8 acres for Avery Village in late 2020 for $1.6 million. Tommy Fry of Property Logic RE was the listing agent. The seller, AC Five LLC, acted as a holding company for the family members of the late hotelier Robert E. Langford, who opened the Langford Hotel in Winter Park in 1956 at New England and Interlachen avenues.
An evangelical graduate institution, Asbury Theological Seminary, currently owns the roughly 23 acres next to Avery Village, where Republic is looking to build the 400-unit apartment community.
The project is currently being referred to as Valencia ATS. Plans call for 160 one-bedroom apartments, 200 two-bedroom apartments, and 40 three-bedroom apartments. A conceptual site plan for the community shows a port cochere, 10 multifamily buildings, a dog park, and one clubhouse building leading to a community pool.
Representatives at Republic did not respond to requests for comment. Last year GrowthSpotter reported on plans by the company to seek approvals to build around 600 apartment units on the entire 32-acre property.
Kimley-Horn and Associates is the civil engineer and landscape architect on both projects.
Apartment communities next to college campuses throughout Orange County often fetch big sale prices from investors.
Just this week, a company tied to Hong Kong-based Junson Capital, a private equity real estate investment firm, paid $75.12 million for The Verge, a 180-unit student housing project at 11841 Jefferson Commons Circle.
Last year, Rance King Properties, paid $66 million for the 296-unit Coda Apartments near the University of Central Florida. The apartment community was recently completed by developer and seller Catalyst Development Partners. And Horizon Realty Advisors paid $65 million to purchase the Glenn apartments by UCF in January 2019.
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.