Lennar Purchases Second Orlando Multifamily Site

Jun 29, 2015 No Comments by

Cushman & Wakefield recently announced that it has assisted Lennar Multifamily Communities in the purchase of approximately 13.54 acres of land near the Mall at Millenia.

Senior Director Jay Ballard and Director Ken Delvillar of Cushman & Wakefield’s Multifamily Advisory Group represented Lennar in the transaction with an unnamed seller.

The site is slated for the second phase of Crest at Millenia, a three-story, 272-unit, garden-style, luxury apartment community. Lennar has obtained site plan approval for the project and is currently working to complete the architectural drawings and developer plans. The second phase of the project is expected to break ground in the third quarter of this year and take 17 months to complete.

Ballard and Delvillar also advised Lennar in its 2014 purchase of the land for Crest at Millenia Phase I, a 252-unit project which is expected to deliver units this summer.

 

“The Millenia neighborhood has proven to be a solid, stable multifamily submarket with office, retail, and excellent drive-by visibility,” said Ballard. “These two sites represent a unique opportunity to capture the influence of the Mall at Millenia, one of the top ten malls in the U.S. with annual retail sales of approximately $1,400 per square foot,” added Chris Cassidy, President of Lennar Multifamily Southeast. “We are excited about the opportunity to enter the Central Florida market with these two projects.”

 

Source: Real Estate Rama

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