ORLANDO – Jason G. Toll, MiCP, Senior Vice President at NAI Realvest, represented the Seller, Twin Wise Properties, Ltd., of a 12.7-acre site located at 6525 & 6575 East Colonial Drive, Orlando. The property sold for $3,700,000.
The buyer, Catalyst Development Partners, intends to develop a new multifamily development. The plans are for 270 garden-style, walk-up apartments in 9 buildings, each 3 stories with 30 units as well as an amenity building. The apartments will be a mix of one, two and three bedroom units.
The 12.7-acre property, zoned C-3, consists of 2.7 acres fronting East Colonial Drive with a 15,000 sf retail/service building built in 1964 and 10 undeveloped acres in the rear. The seller filed for a Comp Plan amendment with Orange County seeking a change of the Future Land Use from Commercial to Medium-High Density Residential. Catalyst Development took over the entitlement process after the Comp Plan approval by changing the zoning to PD allowing for multifamily development. Catalyst understood there was demand for housing with stable rents in this area, located within a 20-minute drive to downtown Orlando or UCF. Another positive attribute drawing Catalyst to the property was the potential for pedestrian connectivity to the adjacent Barry Law School. A commercial outparcel serving the transit-oriented market will be sold once the multifamily project is completed.
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About NAI Realvest
NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide. NAI Global is an international commercial real estate network with over 400 offices spanning the globe. Since 1978, clients have built businesses on the power of NAI Global’s expanding network. Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.nairealvest.com.