ZOM Development and its joint venture partner AIG Global Real Estate acquired a 10-acre site for $16 million. CBRE’s Shelton Granade, Luke Wickham, and Justin Basquill represented the seller, Baldwin Newco, in the transaction. The property is located at 1711 and 1887 Jake Street in Orlando’s affluent Baldwin Park submarket.
“Baldwin Harbor is the last multifamily development site in one of Orlando’s most desirable neighborhoods, Baldwin Park,” Granade, executive vice president of CBRE capital markets, multifamily, told GlobeSt. The offering attracted very strong institutional interest, and the project should generate the best rents in town outside of downtown.”The land will be developed into a 483-unit rental apartment community to be called Baldwin Harbor. The $16 million cost for the land forecasts a $33,126 per unit price of. That represents the largest per unit apartment land price in the metropolitan Orlando area since 2008.
“This truly is one of the best development sites in Central Florida, and is a game-changer for the area,” says Granade. “Residents will be able to walk to dining, shopping, and entertainment, and the project will generate some of the best multifamily rents in town.”ZOM Development will develop the now vacant lots located on Lake Baldwin with 483 luxury apartment homes in two, four-story complexes, with one on each side of Baldwin Park’s New Broad Street. Construction is expected to commence in November. Source: GlobeSt.]]>
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