Cushman & Wakefield Negotiates $4.9M Sale Of 10-Acre Orlando Multifamily Site

Jan 08, 2018 No Comments by

Cushman & Wakefield announced that it has negotiated the sale of a 10-acre site permitted for nearly 300 multifamily units near the intersection of State Road 535 and Osceola Parkway on the Orange-Osceola County line.

Senior Director Jay Ballard and Senior Director Ken Delvillar, of Cushman & Wakefield’s Florida Multifamily Team, represented Orlando, FL-based Intram Investments, Inc. in the land disposition. Massachusetts-based Panther Residential Management (PRM) and Orlando, FL-based Integra Land Company (ILC) acquired the site for $4.85 million ($161,667 per acre).

The ±10-acre parcel, part of Intram’s Sunrise City project, is zoned Tourist Commercial in unincorporated Osceola County. The joint venture between PRM and ILC broke ground on an initial phase of 300 units on October 23, 2017. The community will be named Sunrise Parc.

Integra Land Company and Panther Residential Management have also been provided right of first refusal for one year on the purchase of ±20 adjacent acres, permitting two additional phases of multifamily development and 676 more units.

The site, located just east of the Disney theme parks, will have access to Osceola Parkway via Sunrise Boulevard, which is currently in design and a requirement for the development of Intram’s new Publix-anchored Sunrise City Plaza at 3221 Vineland Road. The apartments will be situated at the confluence of five major Orlando thoroughfares — State Road 535, Osceola Parkway, Poinciana Boulevard, International Drive and State Road 417 — with combined average daily traffic counts approaching 150,000 vehicles per day.

 

“This site is an ideal location for Orlando’s newest multifamily community,” said Ballard. “It is positioned among Orlando’s top performing retail centers at the gateway to the Disney theme parks in Orlando’s renowned tourist corridor.”

Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Ballard and Delvillar in Central Florida; Zachary SackleyTroy BallardNeal VictorCalum WeaverErrol Blumer and James Quinn in South Florida; Luis Elorza and Brad Capas in West Florida; and Julie Bohn in Jacksonville. Robert KaplanChristopher Lentz and Mark Rutherford handle debt, equity and structured finance for the team out of Cushman & Wakefield’s Miami Office.

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Industry News, Land, Multi-Family, NA
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