262 Unit Multifamily Ground Up Development Opportunity in NW Orlando
- Deal Size
- $55.1 M
- IRR Percent
- Target Investment Period
- 3 Year(s)
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Since 1986, ContraVest maintains a vision and mission to develop luxury multi-family residential communities. ContraVest not only develops upscale multi-family communities, but it also performs the general contracting and property management services for ContraVest developments and third-party clients. The ContraVest principals have 72 years of combined experience, they’ve learned that the disciplines of development, construction and property management are synergistic, in that the success in one area demands understanding of the other two areas, in order to work and succeed cohesively.
This integrated approach is responsible for the steady growth, through many real estate cycles, ContraVest has seen in all three market disciplines.
$19.3 M · 35.03%
$35.8 M · 64.97%
- Property Type
- Deal Type
- Risk Profile
- Equity Multiple
ContraVest Development Partners is pleased to announce its latest offering, Addison Farms. The Addison is located in the rapidly growing northwest Orlando submarket of Apopka and is a planned 262 unit Class A surface-parked garden apartment development with an integrated clubhouse as one part of its 4 elevator serviced 3-story buildings. ContraVest is a 34 year old, second generation, veteran owned, vertically integrated multifamily development company.
Addison Farms will be the ideal place to call home by offering its residents the dual luxury of convenient access to many of the MSA’s largest employment centers and bountiful outdoor leisure activities:
1. The property is located near the intersection of SR 414 (Apopka Expressway/Maitland Boulevard) and the Western Beltway (SR 429), key east/west and north/south arterial roads (respectively) providing a short commute to the many Maitland area business parks, the Walt Disney World attractions area, the Orlando CBD, and the Lake Mary/Heathrow business parks. In addition, the property is less than 1 mile from the AdventHeath Apopka hospital and less than 5 minutes from the Mid-Florida Logistics Park which is home to facilities by Amazon, Coca-Cola, Goya Foods, and to-be-built distribution centers for both Universal Studios Florida and the AdventHealth system.
2. The Addison will provide one-of-a-kind picturesque views of Lake Apopka and the Lake Apopka Conservation Area while allowing residents direct access to the Lake Apopka Wildlife Trail, just part of City’s more than 394 miles of nature trails and 27+ acres of dedicated park & recreation facilities.
• Lowest apartment land basis in the area
• In-place Orange County School Capacity & School Concurrency
• Not subject to the pending increase of Orange County Transportation Impact Fees
• Phase II (300+/- units): pre-negotiated pricing locked-in for a 3 year period from the closing date of Phase I ($19K-$20K per unit based on when the option is exercised)
• Direct frontage along S Binion Rd
• Community & rooftops will be seen by westbound traffic on SR 414
• The City possesses a prime renter demographic with the median age of its population being 36 years old
• Apopka’s unemployment rate is less than ½ that of the overall Orlando MSA
• Apopka is one of the fastest growing cities in Central Florida and the 2nd largest in Orange County
• The Addison is located in an already established and rapidly growing residential area containing over 5,500 homes within a 3 mile radius