ORLANDO, FL - Leading real estate fund manager Origin Investments and Charlotte-based developer Crosland Southeast have formed a joint venture partnership to develop the District West Apartments, a new $54 million, 240-unit multifamily community in an area known as The Packing District in Orlando, FL. The new development is located in an opportunity zone in Orlando.
The community will be comprised of eight three-story buildings that will offer one- two- and three-bedroom units averaging 944 square feet of space and featuring modern class-A finishes. Groundbreaking is scheduled to occur in the second quarter of 2022 and delivery of units will take place in stages, with the first phase anticipated in mid-2023. The District West Apartments will feature a resort-style pool and amenities, including a state-of-the-art fitness center and outdoor entertainment and recreation areas.
“This will be much more than a new residential development,” said Brandon Hueber, Vice President, Florida Division, Crosland Southeast. “It will be a part of a transformative, high-energy community offering a dynamic live, work, play environment.”
The catalyst for development in this area, which is approximately four miles northwest of downtown Orlando, is the $700 million redevelopment of The Packing District led by Dr. Phillips Charities in collaboration with the City of Orlando and a variety of private interests like Origin Investments and Crosland Southeast, which name was derived from the land’s heritage of once housing one the largest citrus packing facilities in the world.
When completed, The Packing District will include more than 3,500 residential units, one million square feet of projected retail and office space, new streetscapes, a 105-acre regional park with trail network and all-new recreational amenities including a YMCA and tennis center. The District West Apartments will be located directly across the street from the regional park and the new 4Roots Farm Campus, a 40-acre urban farm, education and events center that is currently under development.
“We see great potential in Orlando because of the redevelopment of The Packing District and the ongoing economic expansion and job growth being experienced overall in Orlando,” said Kyle Verhasselt, Vice President, Origin Investments. “Sustained job growth is a significant catalyst for residential demand. The District West Apartments are well-positioned to help satisfy that demand.”
Orlando consistently ranks as a leading city, nationally and in Florida, for job growth—overall, white collar and STEM jobs. More than 150,000 jobs are located within a 15-minute drive of District West, including Advent Health’s Flagship Campus, 10,000 jobs; Downtown Orlando, 78,000 jobs; Maitland Center Office Market, 50,000 jobs; AdventHealth Corporate Campus, 2,300 jobs; and the Orlando Regional Medical Center, 10,000 jobs.
Further, the site is less than 2.5 miles away from the Creative Village, a $1.5 billion, 68-acre redevelopment that will include 1.2 million square feet of office, 750,000 square feet of higher education space, including downtown campuses for the University of Central Florida and Valencia College, 150,000 square feet of retail and various residential elements.
The District West Apartments represent Crosland Southeast’s second multifamily development in Orlando and fifth overall in the Southeast and is part of a total current pipeline of multifamily development exceeding $750 million. For Origin Investments, this represents a new wave of investment in Orlando. Most recently Origin has owned and sold an interest in Rosehill Preserve, a 396-unit community in an Orlando submarket. It represents the 9th property in the Origin Investments Qualified Opportunity Zone Fund I.
About Origin Investments: Origin Investments helps high-net-worth investors, family offices and registered investment advisors grow and preserve wealth by providing best-in-class real estate solutions. They are a private real estate manager that builds, buys and lends to multifamily real estate projects in fast-growing markets throughout the U.S. Since its founding in 2007, Origin has executed more than $2.6 billion in real estate transactions and its principals have invested more than $60 million alongside investors. Origin prides itself on offering unparalleled service to investors and its performance ranks the firm in the top decile of the best performing private real estate fund managers ranked globally by Preqin, an independent provider of data on alternative investments. Late last year Origin raised $265 million for its QOZ Fund I. The firm is currently accepting new investors for its open IncomePlus, Multifamily Credit and QOZ II Funds as well as its Growth Fund IV. To learn more, visit www.origininvestments.com
About Crosland Southeast: Crosland Southeast has a long history of bringing innovative living, shopping, dining and entertainment offerings to communities throughout the Southeast. The privately held company was founded in 2011 and traces its roots to Crosland, LLC, a 74-year old legacy company that earned a reputation of being one of the most innovative, diversified developers of residential, commercial, retail and mixed-use projects in the United States. Today, the Crosland Southeast team perpetuates that excellence with a new generation of leadership by following a disciplined critical path process that starts by rigorously filtering opportunities and submarkets, creating a best-use vision for a site, gaining thorough and often difficult entitlements, and executing the master plan on-time and on-budget. Additional information about the company, including past and current projects and contact information for its offices in Charlotte (headquarters), Raleigh and Orlando, can be found at www.croslandsoutheast.com