ORLANDO, FL - Wood Partners, LLC announced that it will break ground this month at Alta Eastmar Commons, a 312-unit multifamily community on 29.3 acres at 159 Dean Road in Orlando. Construction on the $41.9 million project is expected to be complete by the fourth quarter of 2016, with leasing beginning in the first quarter of 2016.
This will be the 12th apartment community developed by Wood Partners in Orlando, where it already has built more than 3,000 units since 2001.
"This newest community reinforces our commitment to the Orlando market," said Wood Partners Director David Thompson. "With its strong job and population growth, Orlando was No. 4 of Forbes magazine's list of the top 20 housing markets to invest in this year, and we happen to agree with that assessment."
Alta Eastmar Commons will feature 14 three-story residential buildings with 144 one-bedroom, 144 two-bedroom and 24 three-bedroom units, 516 surface parking spaces and 54 detached garages, a two-story clubhouse building, a pool and nature trails through the surrounding wetlands. The apartments will have stainless steel appliances, plank flooring and laminate countertops.
The new community, which has direct access to the East-West Expressway (State Road 408), is located eight miles east of downtown Orlando -- a major employment center with 75,000 jobs. The project is also four-and-a-half miles west of the Central Florida Research Park, where 10,000 people are employed. The site is less than three miles from Waterford Lakes Town Center, Orlando's premier outdoor lifestyle center.
"This project has a great location and features really great floor plans, along with terrific finishes and amenities and both lake and preserve views," Thompson said. "We're confident that Alta Eastmar Commons will be a big success."
Eastmar Commons Partnership was the seller, and Jay Ballard of Cushman & Wakefield of Florida was the broker. CBREGI is the equity partner. BB&T provided the construction loan. Chancey Design Partnership (architect), Mellich Blenden Engineering (civil engineer), and Libra Design Group (landscape architect) designed the project.
Wood Florida Builders is the general contractor, and Wood Residential Services will manage the community once it's complete.
According to the National Association of Home Builders' formula to determine the local impact of single-family housing in typical metro areas, adding 312 rental apartments will generate $36.5 million in local income, $6.9 million in taxes and other revenue for local governments and 502 local jobs.