New-to-Market Multifamily Developer, RISE, Acquired the 19-Acre Property
ORLANDO, April 19, 2019 – Cushman & Wakefield has negotiated the sale of a +/-19-acre multifamily development site in Orlando’s MetroWest master-planned community for $10.6M.
The Cushman & Wakefield Land Advisory Team of Senior Director Margery Johnson and Director Andy Slowik represented the seller, Valencia Properties, in the disposition. The buyer is RISE, a Valdosta, Georgia-based multifamily developer. The acquisition marks the developer’s entrance to the Central Florida market.
MetroWest is a 1,805-acre master-planned community located fewer than 10 miles southwest of downtown Orlando at MetroWest Boulevard and Kirkman Road. RISE’s plans for the site include a 442-unit luxury apartment community comprised of five four-story buildings on 17.13 acres, as well as two retail outparcels fronting Kirkman Road.
“Rise plans to deliver a best-in-class multifamily project, which is long overdue for MetroWest,” said Slowik. “This transaction, along with Equinox’s Kirkman Station retail center, successfully concludes the seller’s vision for maximizing value by delivering an amenity-rich mixed-use development in MetroWest.”
Added Johnson, “Given exposure to a high traffic count on Kirkman Road and the proximity of Valencia College, this project is expected to lease up quickly. RISE is one of a number of new-to-the-market multifamily developers that are attracted to Orlando’s booming population and job growth.”
At the crossroads of Kirkman Road and Raleigh Street, part of the property was earlier developed with a Walgreen’s by the late Finley Hamilton, eminent Orlando area real estate developer, particularly known for giving International Drive its name. It fell to his daughter, Jane Linton, to complete the transaction at this prominent location.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida