The Site is located directly on Lake Whipporwill, in the affluent submarket of Lake Nona. The Site is directly southeast of the Orlando International Airport and is surrounded by the 8 hospitals and medical facilities that make up Medical City. The Lake Nona submarket is booming with recent activity including: KPMG investing $450 million into a 780k SF global training HQ that will bring 800+ employees on site, Amazon opening their new $130m fulfillment center which will create 1,500 full time jobs and 2,500 jobs during the holiday season, USTA completing their 64-acre, 100-court National Campus (the largest tennis center in the U.S.) and the completion of Lake Nona Town Center, a $1billion mixed use project that will include 3.8 million SF of shops, restaurants, hotels and offices. The Site is also within 15miles of all the major theme parks, the Orange County Convention Center, and Downtown Orlando. With immediate access to the Central Florida Greenway (SR417) and Narcoossee Road, future residents will have tremendous access to not only local employment and lifestyle amenities, but all employment and retail amenities throughout the Orlando MSA.
The project was recognized with the 2023 CoStar Impact Award as the multifamily development of the year in Orlando.
As of December 2023, the project’s occupancy rate reached 91%. After evaluating various potential buyers, we decided to proceed with the transaction and exit with MetLife, the largest insurance institution in the United States.