Lake Betty Development Site
BlueGate Partners and Benchmark Real Estate Advisors have been exclusively retained by the owner (the “Owner”) regarding its sale of the fee simple interest in the Lake Betty Development Site located in the northeast quadrant of South Orange Blossom Trail and the Maitland Boulevard Extension, Maitland, Orange County, FL (the “Property” or the “Site”). The Site totals approximately 45.754 acres and has approximately 2,540 linear feet (“lf”) of frontage along both the Maitland Boulevard Extension and South Orange Blossom Trail. The Property is well located within an extensive network of roadways that access the vast majority of the Orlando MSA including Interstate 4 (“I-4” at exit 90) which is located approximate three miles east of the Property. Given its location and the Orlando MSA’s strong apartment fundamentals, including an overall vacancy of just 4.6% according to REIS, the Site one of the most desirable development parcels in the area. Further, the development of Toll Roads 429 and 451 (the Western Beltway) has spurred the recent population and household growth in the immediate area which is on par with the Orlando MSA and well in excess of the State of Florida and the nation. The Site is currently zoned Planned Development (“P-D”) Orange County. The P-D would allow up to 480 multi-family units. The current fully designed plans for the Property are for a 408-unit development with one-, two-, and three-BR units averaging 913 square feet (“sf”) of rentable area. Amenities at the Property would include a gated, secure entrance and exit, clubhouse, pool, tennis courts, dog park and BBQ areas.