The apartment property market is undergoing an upturn across Orlando and vacancy rates are predicted to drop to 5.2% in 2013, according to a report by Marcus & Millichap Real Estate Investment Services. With demand set to increase, investors are wising up to new apartment development opportunities.
Current construction activity is evidence of this; for example, the latest project in the pipeline for Jefferson Apartment Group (JAG) is already underway. Azul Baldwin Park in Orlando's affluent 1,100-acre Baldwin Park area is set to house the new 178-unit luxury apartment property.
The development is located within close proximity of Winter Park, just three miles from thriving downtown Orlando, and 12 miles from the 650-acre Medical City. Resultantly, Azul intends to appeal to the illustrious high-end rental market, which has shown increased interest in the area.
Mike Mulhall, senior vice-president and managing partner with JAG, stated: "The established community of Baldwin Park has proven to be a premium residential location." He went on to add: "Coupled with the exceptional medical-related growth on the horizon for the area, Jefferson Apartment Group anticipates Azul to deliver marked and enduring results."
James Duncan, also senior vice-president and partner with JAG, told Commercial Property Executive: "JAG is interested in major markets on the East Coast, particularly those with high barriers to entry." He also revealed: "We are currently working in metropolitan Boston, Philadelphia and Washington, DC, as well as several Florida markets including Tampa, Orlando, Fort Lauderdale and Palm Beach."
This particular project is on schedule for completion in the first quarter of 2014, and there are numerous development plans being put forward by investors hoping to cash in on the real estate turnaround taking place in Florida.
