$101M worth of apartment projects planned in C. Fla.
A Northeast Ohio developer finalized a deal this week to bring new Class A apartment complexes in Central Florida.
NM Residential plans to invest a total of $101 million into two projects: The 272-unit Marden Ridge complex in Apopka and the 315-unit Maitland West community in Maitland. NM Residential has retained Winter Park-based MMI Development Inc. as the developer for both projects.
Construction is expected to start this year on the 272-unit Marden Ridge apartments in… more
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Projects that size would create at least 1,000 temporary construction jobs while also bringing new rental homes to support Central Florida’s growing population.
Construction is expected to start sometime this quarter. The project team for both developments includes GAI Consultants as the project engineer, Forum Architecture & Interior Design Inc. as the project engineer, Central Florida Strategies Inc. as the government consultant, and Walker & Co. as the general contractor.
NM Residential’s related MRAD Phase I LLC and MRAD Phase II LLC on Jan. 25 bought two parcels on Marden Road near the State Road 414/Maitland Boulevard extension in Apopka for a combined $9.7 million. The seller was Emerson Point Assoc. LLLP, an entity related to MMI Development.
“This is the second part of the transaction,” said Angel de la Portilla of Central Florida Strategies, MMI Development’s consultant. “The parties had reached an agreement last summer [on both projects]. They had structured the deal for the first two parcels to be acquired in September and the others were just acquired this week.”
The $47 million Marden Ridge project has been in the planning stages since late 2014, as previously reported by Orlando Business Journal. The apartments got preliminary site plan approval from the city of Apopka last summer.
The project also will include a new $6 million interchange on State Road 414 being built by the developer. Apopka and MMI Development finalized an agreement last September in which the city would contribute $2.5 million toward construction of the interchange, along with providing the developer with impact fee credits and tax abatement on a portion of the future growth in property taxes. The Central Florida Expressway Authority approved the interchange in October.
Meanwhile, the $54 million Maitland West apartment complex on West Maitland Boulevard and near Forest City Road has been in the works since it was approved by the city last summer.
NM Residential’s related MWAD Phase I LLC and MWAD Phase II LLC on Sept. 25 spent a combined $13 million to buy the nearly 23-acre site in Maitland from MMI Development’s related Maitland West LLLP.
The Maitland West apartments are the first phase of a larger mixed-use development that also will include office and retail space, as OBJ previously reported. MMI Development retained ownership of those parcels for future development.
Representatives from NM Residential couldn’t be reached for comment prior to publication.