ORLANDO, FL - Even though the clubhouse and amenities have yet to be completed, Wood Partners has already brought in 30 leases at The Rialto, a 200-unit mixed-use apartment community located on Sand Lake Road that began leasing in October. Construction is expected to be completed this month.
"The Rialto is located on Orlando's Restaurant Row in Sand Lake/Doctor Phillips," said David Thompson, development director for Wood Partners in Florida. "With its prime location and great floor plans, along with terrific finishes and amenities and views of Spring Lake, we're confident The Rialto will be a big hit."
Wood Residential Services, the in-house division of Wood Partners specializing in property management, will manage the property.
The 5.95-acre site at the northwest corner of Sand Lake Road and Turkey Lake Road in southwest Orlando -- a quarter mile from Interstate 4 and within 10 minutes of major employment hubs at Walt Disney World, Sea World, Universal Studios and the Orange County Convention Center -- includes a five-story, urban-style building with two- and three-bedroom apartments averaging 1,056 square feet, 399 residential and 59 retail parking spaces and more than 17,000 square feet of retail space.
High-quality interiors feature ceramic flooring, nine-foot ceilings, stainless steel appliances, 42-inch cabinets with granite tops and sleek, modern lighting. Residents will have access to a clubhouse with a pool, mail kiosk and fitness center.
According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 200 rental apartments will generate $20 million in local income, $1.9 million in taxes and other revenue for local governments and 244 local jobs.
Real Estate Capital Partners is the equity partner for The Rialto. Synovus Bank of Florida is the lender.