BTI Partners acquired 1,400 acres of undeveloped land located in Osceola County — about 20 miles south of downtown Orlando. The deal represents one of the largest residential land acquisitions in the region this year. The property, formerly a portion of the Edgewater East Development of Regional Impact, has recently been approved for more than 5,000 residential units and 2 million square feet of commercial uses. The development site is along the westside of Florida’s Turnpike from Kissimmee Park Road to the Three Lakes Toll Plaza, approximately 3 miles in length.
BTI Partners in known for acquiring land tracts ideal for master planned communities, managing horizontal development and then partnering with homebuilders for the actual delivery of homes. Since 2010, BTI Partners, with its institutional investors, has acquired or controlled more than 20,000 residential lots and today is a trusted land supplier to several national homebuilders. BTI Partners is currently designing and planning the initial phases at Edgewater and anticipates starting land development in about one year. Despite robust economic growth and a significant increase in the number of housing starts over the past several years, there has been a limited amount of land entitled or developed in the area surrounding the property. Edgewater represents a unique opportunity for homebuilders to offer multi-generational product in Orlando, one of the fastest growing housing markets in the U.S., at favorable pricing while providing terrific access to a major thoroughfare, Florida’s Turnpike. The land is near the Florida’s Turnpike’s Kissimmee Park Road exit, which is scheduled to become a full interchange by 2022.
“The acquisition of the Edgewater is consistent with our land strategy of delivering residential lots to national and regional homebuilders in high-growth markets,” said Noah Breakstone, CEO of BTI Partners.
In addition to pursuing land investments like Edgewater, BTI Partners is behind two large mixed-use projects in Central Florida. The Grove Resort & Water Park is five minutes from Walt Disney World and comprises of 878 fully furnished 2- & 3-bedroom luxury vacation homes. The Grove, which opened in 2017, is home to an award-wining water park and top of the line amenities. Westshore Marina District is a 52-acre master-planned community overlooking Tampa Bay. BTI Partners will soon be building Marina Pointe at Westshore Marina District, consisting of 347 luxury condominium units in three towers with breathtaking views, resort-style amenities and direct access to superb shopping and restaurants.
“Edgewater could not be more in line with our current investment thesis and we are very excited by the opportunity presented by this acquisition,” said Justin Onorato, Chief Investment Officer at BTI Partners. “We are preparing to make similar pointed land investments across the country and will be significantly increasing the number of homesites we supply to the homebuilding industry, which continues to evolve to a just-in-time business model across the board.”
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