Orlando multi-housing land sale closes for $6.25M
JLL Capital Markets closed the sale of the Baldwin Park Fairwinds Credit Union development site
ORLANDO, Jan. 25, 2022 – JLL Capital Markets announced today that it has closed the $6.25 million sale of the Fairwinds Credit Union Baldwin Park, a multi-housing development site in Orlando, Florida.
JLL worked on behalf of the buyer, Gables Residential. Fairwinds Credit Union sold the asset.
Known as Fairwinds Credit Union Baldwin Park, the development site will be transformed into a five-story multi-housing community consisting of 230 apartment homes, a parking garage, amenities, and a leasing office.
Spanning over 2 two acres, the property is located at 1801 Prospect Ave. and just 4 miles from Orlando’s Central Business District. The greater Orlando area remains one of the fastest-growing metro areas in the nation, gaining nearly 61,000 new residents in 2020 and expecting 2.9 million residents by 2025. This growth has created substantial investment and development opportunities across Orlando specifically within the multi-housing market.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Jay Ballard and Ken DelVillar.
Gables Residential’s Florida team, led by Regional VP, Micah Cohn and Development Associate, Scott Clark, had been searching for “build-to-core” development opportunities in Central Florida.
“After identifying targets submarkets within Central Florida, we set out to find a site to meet their investment criteria,” Ballard said. “We identified a former bank site within Baldwin Park, and, through some understanding of the overall Baldwin Park PUD, knew that there were unused ‘entitlements’ that could be acquired and combined with a rezoning of the former bank property. It was a competitive bid, and Gables was able to provide the seller with a certainty of close, which, ultimately, resulted in Gables being awarded the deal.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Gables Residential
Gables Residential is an award-winning, vertically integrated, real estate company and privately held REIT specializing in the development, construction, ownership, acquisition, financing and management of multifamily and mixed-use communities. Gables Residential owns, develops and manages communities in high-growth U.S. markets such as Atlanta, Austin, Boston, Dallas, Denver, Houston, South Florida, Southern California and metropolitan Washington, D.C. Gables also provides third party management services in the New York, Baltimore, Frederick, Tampa, Phoenix, Seattle, Charlotte and Central and North Florida markets.
Gables manages approximately 27,000 apartment homes and approximately 248,000 square feet of retail space and has received national recognition for excellence in development, construction, management, sales, marketing, training and benefits. These achievements reflect the impact of Gables’ experienced and dedicated team members, its superior knowledge of the markets served and its expertise in development and management. For additional information about the company and its real estate portfolio and services, visit gables.com.
About Fairwinds Credit Union
Fairwinds Credit Union is an American member-owned credit union that is headquartered in Orlando, Florida and serves the Central Florida area. Fairwinds is regulated under the authority of the National Credit Union Administration (NCUA) and has 178,000 members and assets of $2.1 billion.